Average Rent in New Mexico

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Current Versus Historical New Mexico Rents

New Mexico rentals average $828 for a studio rental to $2,995 for a 4-bedroom rental. The median price of all currently available listings is $1,600, or roughly $1 per square feet.
For the apartment units and housing in May 2024, median rents have been roughly unchanged over the last year. Studio rentals prices have increased by $282 (27.91%) year-over-year from $1,012 to $1,294. 1-bedroom rentals prices have decreased by $7 (-0.80%) year-over-year from $872 to $865. 2-bedroom rentals prices have increased by $127 (11.28%) year-over-year from $1,123 to $1,250. 3-bedroom rentals prices have increased by $229 (12.98%) year-over-year from $1,766 to $1,995. 4-bedroom rentals prices have increased by $154 (7.54%) year-over-year from $2,046 to $2,200. Note that this figure includes all active and rented listings throughout the month.
Month-to-month, seasonality might have a bigger impact than overall trend price changes. Studio rents have gone up by 20.50% this month. 1-bedroom rents have gone up by 2.17% this month. 2-bedroom rents have gone up by 12.11% this month. 3-bedroom rents have gone up by 5.09% this month. 4-bedroom rents have gone up by 1.62% this month.
Beds
Price / Sqft
May 2024 Rent 1 Yr Ago Rent (% +/-) 3 Yr Ago Rent (% +/-)
Studio $1.80 $1,294 $1,012 (27.91%) $690 (87.54%)
1 BR $1.55 $865 $872 (-0.80%) $756 (14.37%)
2 BR $1.45 $1,250 $1,123 (11.28%) $867 (44.18%)
3 BR $1.26 $1,995 $1,766 (12.98%) $1,398 (42.75%)
4+ BR $1.09 $2,200 $2,046 (7.54%) $1,726 (27.50%)

Historical Rents in New Mexico

Studio
1 Bed
2 Bed
3 Bed
4 Bed

Top Cities Near New Mexico

There are a total of 36 cities nearby New Mexico. The average rent in New Mexico is currently $2,175 per month. A total of 7 cities nearby have an average rent lower than that. Our records show that Albuquerque, NM, with an average rent of $1,250, is the most affordable city nearby. In contrast, the most expensive city near New Mexico is Snowmass Village, CO. Monthly rents here are on average $35,000 per month.

Let's compare New Mexico's rent against other top cities nearby by bedroom size. One bedrooms are about 28.68% more affordable. Two bedrooms in New Mexico are about 33.19% more affordable. Finally, rent for three bedrooms are about 7.77% more affordable. Want more information? Check out the top 10 cities out of 36 total cities near New Mexico in the following chart.
City Studio 1 Bed 2 Bed All
Albuquerque, NM $827 $948 $1,250 $1,250
Lubbock, TX N/A $650 $950 $1,400
Amarillo, TX N/A $770 $1,248 $1,500
Tucson, AZ N/A $950 $1,295 $1,600
El Paso, TX $635 $800 $1,175 $1,675
Mesa, AZ $4,500 $1,413 $1,695 $2,399
Gilbert, AZ N/A N/A $2,200 $2,750
Chandler, AZ $800 $1,650 $2,050 $2,750
Tempe, AZ $2,218 $1,297 $1,750 $2,850
Scottsdale, AZ $3,200 $2,200 $3,350 $4,325

Top Neighborhoods Near New Mexico

There are a total of 18 neighborhoods in or near New Mexico. Some of these neighborhoods include Heart of Lubbock, Central City, and Tech Terrace- U.N.I.T.. We've included all of these top 18 neighborhoods in or near New Mexico in the following chart.

The average rent for these 18 neighborhoods in or near New Mexico is currently around $2,298 per month. A total of 3 neighborhoods have a lower average rent. Meaning, only fifteen neighborhoods have a higher average rent than $2,298. Interestingly, the neighborhoods' average rent is higher than New Mexico's average rent, which is only $1,600. Out of all the neighborhoods in or near New Mexico, Heart of Lubbock has the most affordable average rent at $1,148 per month. Whereas, at $5,498 average rent per month, Greyhawk is the most expensive neighborhood in or near New Mexico. View the following chart for more information.
Neighborhood Studio 1 Bed 2 Bed All
Heart of Lubbock, Lubbock, TX N/A $650 $1,000 $1,148
Central City, Corpus Christi, TX $1,775 $1,125 $995 $1,395
Tech Terrace- U.N.I.T., Lubbock, TX N/A $650 $1,250 $1,400
West University, Austin, TX $1,325 $1,300 $1,950 $1,695
Downtown Las Vegas, Las Vegas, NV $1,195 $1,575 $2,248 $1,800
South Side, Corpus Christi, TX $2,600 $1,023 $1,250 $1,995
Silverado Ranch, Paradise, NV N/A $1,373 $1,895 $2,095
Mountain Edge, Enterprise, NV N/A N/A $1,975 $2,200
Green Valley South, Henderson, NV N/A N/A $1,700 $2,295
Rhodes Ranch, Spring Valley, NV N/A $1,425 $1,580 $2,300
Green Valley North, Henderson, NV N/A N/A $1,700 $2,473
Mira Villas, Las Vegas, NV N/A N/A $1,885 $2,495
Southern Highlands, Enterprise, NV N/A N/A N/A $2,700
The Strip, Paradise, NV $2,125 $2,100 $3,699 $2,950
Downtown Austin, Austin, TX $2,150 $3,100 $4,875 $3,450
Downtown Scottsdale, Scottsdale, AZ N/A $2,850 $3,997 $3,997
McCormick Ranch, Scottsdale, AZ $2,000 $2,350 $4,500 $4,525
Greyhawk, Scottsdale, AZ N/A $1,823 $4,500 $5,498

Top Counties Near New Mexico

There are a total of 18 counties located by New Mexico. Some of these counties include Albuquerque, NM, Lubbock, TX, and El Paso, TX. The average rent for rentals in these counties is $2,020. That's roughly around $1 per sqft. A total of 8 counties have a lower average rent. The county that is the most affordable is Albuquerque, NM. It's average rent per month is $1,250. Vice versa, with an average rent of $40,000, Aspen, CO is the most expensive county by New Mexico.

Typically, rent for studios in New Mexico is 1.78% more expensive than other counties nearby. In comparison, rent for one bedroom listings in New Mexico is 21.37% more affordable than other counties nearby. Finally, rent for two bedrooms in New Mexico is 23.11% more affordable than other counties nearby. We've listed the top 10 counties in the chart below.
County Studio 1 Bed 2 Bed All
Albuquerque, NM $827 $950 $1,250 $1,250
Lubbock, TX N/A $650 $995 $1,400
El Paso, TX $635 $800 $1,163 $1,495
El Paso East, TX N/A N/A $935 $1,800
Tucson, AZ N/A $995 $1,598 $1,850
El Paso Northwest, El Paso, TX N/A N/A $1,300 $2,000
Chandler, AZ $800 $2,000 $2,200 $2,795
Wickenburg, AZ $1,150 $1,438 $2,975 $2,800
Phoenix, AZ $2,218 $1,700 $2,595 $3,000
Deer Valley, Phoenix, AZ $1,598 $1,782 $3,500 $3,500

Top Zipcodes Near New Mexico

There are a total of 47 zipcodes in or near New Mexico. The average rent for all of these zipcodes is $2,290. A total of 5 zipcodes have a average rent that is lower than that. The zipcode with the most affordable average rent for apartment listings is 76543, Fort Hood, TX at $1,300 per month. In comparison, the zipcode with the most expensive average rent of $40,000 per month is 81611, Pitkin County, CO.

Do you need more space than that? Average rent for one bedroom rentals for the zipcodes in or near New Mexico is $1,173 per month. Or in other words, $2 per sqft. Meanwhile, two bedroom apartments will cost you an average of $1,700 per month. Which comes out to $2 per sqft. The following chart includes the top 10 zipcodes in New Mexico. You can view the average rent breakdown for each zipcode by bedroom size.
Zipcode Studio 1 Bed 2 Bed All
81611, Pitkin County, CO $4,200 $8,250 $18,000 $40,000
76179, Fort Worth, TX $1,306 N/A $1,850 $2,249
89052, Henderson, NV N/A $1,695 $2,000 $2,407
89117, Las Vegas, NV N/A $1,200 $1,595 $2,300
89148, Clark County, NV N/A $1,825 $1,600 $2,338
78130, New Braunfels, TX N/A $900 $1,550 $2,125
89128, Las Vegas, NV N/A $1,195 $1,600 $2,023
89113, Spring Valley, NV N/A $1,368 $1,595 $2,400
89135, Clark County, NV N/A N/A $2,625 $2,800
89178, Enterprise, NV N/A N/A $1,723 $2,200

Frequently Asked Questions - New Mexico Average Rents

What is the average rent price in New Mexico?
The average monthly rental price for New Mexico apartments for rent is approximately $1,600. This calculation takes into consideration rental listings of varying bedroom/bathroom sizes, building types, and locations.
Do New Mexico rent prices drop in winter?
Yes! On average we see a 3.4% drop in rental prices between the peak summer months and the slower winter months. With the added bonus of decreased competition from other renters looking to move, winter is generally considered the best time of the year to find an apartment for rent in New Mexico.
How much is a studio apartment in New Mexico?
The average monthly rental price for studio apartments is $828 and an average price per square feet of $1.80. There are a total of 9 studio apartment listings currently available for rent in New Mexico.
How much is a one bedroom apartment in New Mexico?
The average monthly rental price for one bedroom apartments is $950 and an average price per square feet of $1.55. There are a total of 35 one bedroom apartment listings currently available for rent in New Mexico.
How much is a two bedroom apartment in New Mexico?
The average monthly rental price for two bedroom apartments is $1,295 and an average price per square feet of $1.45. There are a total of 46 two bedroom apartment listings currently available for rent in New Mexico.
How have rent prices in New Mexico changed this year?
Rent prices for rentals in New Mexico can fluctuate yearly. Specifically, studio rental prices have changed by 0.28%, one bedroom rental prices have changed by -0.01%, two bedroom rental prices have changed by 0.11%, and three bedroom rental prices have changed by 0.13% year-over-year.
What is a reasonable rent price in New Mexico?
A reasonable rent price in New Mexico is around $1,280/month. You can search for these reasonably priced rental listings on RentHop.
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