Record Apartment Deliveries on Tap in Albuquerque
In 2022, the small market of Albuquerque received no new apartment supply, marking the first time in over a decade that happened, although apartment construction here generally runs low. In 2023, by contrast, apartment construction will hit an all-time high, according to data from RealPage Market Analytics. Albuquerque has both the highest level of units under construction (1,830 units, as of 4th quarter 2022) and the highest level of units set to complete within a year (1,576 units expected in calendar 2023) since RealPage began tracking the market in 2001. Those nearly 1,600 new units forthcoming this year represent a net inventory growth of 2.8% for this market of about 56,000 units. Deliveries over the next year will be spread throughout the market with five out of the market’s six submarkets receiving some new supply. North Valley, Westside/Rio Rancho and Northeast Heights will all see about 400 new units, with Uptown and Downtown Albuquerque/University receiving smaller blocks of new supply.