Rental prices for homes, apartments, and condos have been rising across the United States, but those rises haven’t been occurring equally in every state. For example, the cities of Los Angeles, Chicago, and Philadelphia have all seen price increases of moderate amounts over the past year, but the increases in cities like San Diego, Phoenix, and Dallas have been much higher.
If you’re thinking about moving to Albuquerque, it may be of value to you to explore the average rental rates in the city, as well as the increases experts believe will impact the area in the next few years. Since rent is usually such a significant portion of a family’s monthly expenses, it can be fiscally prudent to locate an affordable place to live or a place to live with a stable rental market.
General Cost-of-Living Data for Albuquerque
Overall, the area offers its residents prices on general goods and services that are lower than expensive cities like Los Angeles and New York City and which might be considered average when compared to similar cities. Statistics gathering site Numbeo reveals that a gallon of milk might cost around $2.97, but a gallon of milk in Los Angeles would cost almost a dollar more at $3.94.
Similarly, a dozen eggs in Albuquerque might cost $2.40, but a dozen eggs in Los Angeles would cost approximately $3.02. When compared to an expensive city, Albuquerque definitely offers its residents affordable prices on a variety of goods. However, the price of goods isn’t the only factor one must examine when deciding whether a city is an affordable place to live or not.
For example, the per-capita individual income in Los Angeles is $27,749, and the average per-capita individual income in Albuquerque is $26,876. Even though average income in the area is slightly lower, the general prices for goods are much lower, which means a person’s income in Albuquerque will probably go much further than it would in Los Angeles.
Average Rental Prices in Albuquerque
Now that you know that Albuquerque offers its residents affordable prices on goods and services, as well as average incomes that are in line with more expensive locales, you can more accurately judge whether the rental prices in Albuquerque are affordable on your income or whether you might need to search for a less expensive city for your new home.
According to Rent Cafe, the average rate for a studio in Albuquerque is $547 a month, and the average size of a studio is 436 square feet. If you’re a single person looking for a place to live while in college or for an inexpensive home in Albuquerque, a studio is an excellent option. On the other hand, if you need to move to Albuquerque with your family, there are also reasonable options for 3-bedroom apartments.
Further data from Rent Cafe reveals that the average price of a three-bedroom apartment in Albuquerque is $1,139 with the average square feet reaching 1,185 sq. ft. More than half of the apartments across Albuquerque fall into a rental range of $501 to $700 a month, and the prices have been fairly stable since May 2014, when the price of a 3-bedroom apartment was $1,074.
Find Your Perfect Apartment at Alvarado Apartments
We offer studio apartments, 1-bedroom apartments, and 2-bedroom apartments at affordable rates with all the amenities you could want. Not only are we a pet-friendly community, but we also have more than a dozen different floor plans from which to choose. Give us a call today to set up an appointment to visit and tour your future Albuquerque apartment.