Albuquerque, NM: The Duke City
Albuquerque has an estimated population of 564,559 residents, making it the largest city in New Mexico by population. It also acts as the county seat of Bernalillo County. In addition to “The Duke City,” Albuquerque goes by many nicknames, including “ABQ,” “Burque,” and “The 505.”
Albuquerque is known for its thriving economy, diverse arts and culture scene, and education. The city is home to the University of New Mexico, Central New Mexico Community College, and Trinity Southwest University. The city also boasts numerous attractions, such as Old Town Albuquerque, the Albuquerque Biological Park, and the New Mexico Museum of Natural History. Apart from that, the city’s International Balloon Fiesta draws in countless visitors every year.
In Albuquerque, there is something for everyone. Architecture enthusiasts will love exploring the city and admiring the silhouettes of buildings during the night. Nature lovers, on the other hand, will enjoy spending their time in one of almost 300 public parks in the city. Additionally, foodies can hop through the many diverse restaurants that feature both local and global cuisines.
How Is Albuquerque’s Rental Market?
In Albuquerque, home values are very high. In fact, the median listing price for a home in this city is $307,800. This is 35% above the national median. About 40% of the population in Albuquerque are renters. With such a wide pool of tenants available, it is no wonder property investors flock to this New Mexico city.
While Albuquerque has a relatively higher cost of living compared to other cities, it certainly makes up for it with low rent. In 2019, the median cost of monthly rent in the city is $916, which is well below the national median, though a bit higher than the New Mexico median.
What else makes Albuquerque such an attractive place for rental property owners? The city boasts a decent vacancy rate, especially in comparison with the state’s vacancy rate. In 2019, Albuquerque logged a 7.26% vacancy rate, which is an improvement over the previous year’s 9.30%.
In addition to this, New Mexico is a somewhat landlord-friendly state. Landlords in New Mexico can charge as high a rent as they wish as there are no rent control laws on a state or local level. Beyond that, landlords can also process evictions earlier than in other states.
How an Albuquerque Property Management Company Can Help
There is no denying Albuquerque’s appeal to landlords. However, while you may have money to invest in rental property in this city, you may not have the time or interest in hands-on management. Being a landlord is tough work, and many choose to outsource the job to an Albuquerque rental management company.
With professional help, landlords can rest assured knowing all their duties have been passed down to capable hands. How can a company make property management in Albuquerque easier? A property management company can accomplish the following and more:
- Advertise your listing
- Screen and process tenants
- Oversee property showings
- Set and collect rent
- Create a lease agreement
- Perform move-in, move-out, and routine inspections
- Enforce your lease terms
- Manage maintenance and repairs
- Respond to tenant complaints
- Manage your budget
- Help with tax calculations
- File evictions
Looking for Property Management in Albuquerque?
Albuquerque is home to several property management companies. The tricky part is trying to find the one that best suits your needs and price point. Streamline your search process today with the help of Rental Choice. Browse our online directory of property management companies by city or state.