Top City Searches in New Mexico
New Mexico: Land of Enchantment
New Mexico has an estimated population of 2,120,220 residents. While Albuquerque is its most populous city, Santa Fe functions as the state capital. Interestingly, Santa Fe is also the oldest capital in the nation. New Mexico is known for its diverse landscape, ranging from lush mountains to bare deserts. The state is also home to three UNESCO World Heritage Sites as well as several national monuments and protected wilderness areas.
New Mexico boasts a vibrant arts and culture scene, too. Museums in the state include the New Mexico Museum of Natural History and Science
, the National Museum of Nuclear Science & History
, the National Hispanic Cultural Center
, the Deming Luna Mimbres Museum
, and the New Mexico Museum of Art
. Performing arts companies based here include the Santa Fe Opera
, the Santa Fe Desert Chorale
, and the Aspen Santa Fe Ballet
Additionally, New Mexico hosts a wide array of events and festivals. The Albuquerque International Balloon Fiesta, the Santa Fe Indian Market, and the Santa Fe Chamber Music Festival are only a few that come to mind. In terms of education, there are several colleges and universities in the state, such as the University of New Mexico at Albuquerque
, the New Mexico State University at Las Cruces
, and the New Mexico Institute of Mining & Technology at Socorro
Other attractions include Carlsbad Caverns National Park
, White Sands National Park
, Chaco Culture National Historical Park
, Bandelier National Monument
, Petroglyph National Monument
, the Georgia O'Keeffe Museum
, Old Town Albuquerque
, the Museum of International Folk Art
, and the Museum of Contemporary Native Arts
How Is New Mexico's Rental Market?
New Mexico has a fairly affordable housing market. The median sale price
for a home in the Land of Enchantment is $280,000, which represents a 9.8% year-over-year change. There are also many renters in New Mexico. In fact, renters make up 32.3% of the state's population.
Image via towncharts.com
In terms of rental income, landlords can earn decent returns here. The median rent in 2019 was $847. While this is comparatively lower than the national median, it does signal a positive change. Rent in New Mexico has been climbing up since 2017.
Image via deptofnumbers.com
As for vacancies, though, New Mexico has a high rate. In 2019, the state vacancy rate was 8.05%, whereas the national vacancy rate was 5.97%. It is worth noting, however, that the state vacancy rate in 2019 is lower than in the previous years. On top of that, New Mexico is recognized as a moderately landlord-friendly state.
Why Hire a New Mexico Property Management Company?
Obviously, there is a lot of potential for rental profit in New Mexico, making it an attractive space for property investors. But, managing a rental property is not as easy as it seems. One way or another, landlords will face some difficulties during the process, particularly if they lack the time or background in rental management. Beyond that, they also need to stay up-to-date with landlord-tenant laws.
This is why most landlords usually hire a New Mexico rental management company.
When you hire a management company, you can bid goodbye to ceaseless hours of work and annoying calls from your tenants. A property manager can do all of the things a landlord is tasked to do. It is basically like leaving your rental property on autopilot. Meanwhile, you can relax and wait for the income to roll in.
What can a property management company do for you?
- Market your property online and offline
- Show the property to interested parties
- Screen and guide tenants through the application process
- Conduct property inspections
- Set your rent according to market data
- Collect rent (including late rent)
- Prepare the lease agreement
- Enforce the terms of your lease
- Manage maintenance and repairs
- Keep up with changing landlord-tenant laws
- Handle evictions (if necessary)
Searching for Property Management in New Mexico
Are you searching for property management companies in New Mexico? Being a landlord comes with its fair share of challenges, not to mention taking up most of your time. Rental Choice aims to help property owners like you easily find a property management company. Search our online directory today!