Average Rent In New Mexico For January 2024
Average Rent
What is the average rent in New Mexico?
The average rent in New Mexico for January 2024 is $1,059, according to the most recent data from ApartmentList - January 3, 2024. The average rent of a 2-bedroom apartment in New Mexico is $1,036. The average rent of a 1-bedroom apartment in New Mexico is $875.
Compared to the national average of $1,379, New Mexico rent costs -23.2% less. Read our analysis of rents by state to see how New Mexico ranks.
Here's a look at how average rents have changed over time:
How Does New Mexico Rent Compare To The Rest Of The Country?
| Statistic | NM | USA | % Difference |
|---|---|---|---|
| Average Rent | $1,059 | $1,379 | -23.2% |
| M-o-M Change | -$12 | -$11 | 9.1% |
| Y-o-Y Change | -$1 | -$14 | -92.9% |
| M-o-M % Change | -1.1% | -0.8% | - |
| Y-o-Y % Change | -0.1% | -1.0% | - |
Median Rent By Bedrooms In New Mexico
1-Bedroom
2-Bedroom
As you would expect, the median price for rent in New Mexico increases as the number of bedrooms in the unit increases. 1-Bedroom rent is the cheapest in New Mexico clocking in at $875, while a 2-bedroom rental will set you back $1,036 per month.
If you don't mind having roommates, the best option on a per room basis is a 2-bedroom rental for $518/room/month.
Read on to find out more or for more on New Mexico check out:
- Best Places To Live In New Mexico
- Cheapest Places To Live In New Mexico
- Most Dangerous Cities In New Mexico
Month Over Month New Mexico Rent Statistics
M-o-M Increase
M-o-M Increase
New Mexico has experienced a -$12 change in rent over the past month going from $1,071 to $1,059. That change comes out to -1.1%.
For reference, the US national average rent changed -$11 in the past month or -0.8%.
Here's a look at the month over month change for each month since 2017 for New Mexico:
Year Over Year New Mexico Rent Statistics
Y-o-Y Increase
Y-o-Y Increase
Over the past year, the average rent in New Mexico changed -$1 from $1,060 to $1,059. A change of -$1 means that rents changed -0.1% in a year.
That compares to the US national change of -$14 in the past year or -1.0%.
Here's a look at the year over year change by month since 2017 for New Mexico:
The 10 Places With The Highest Rent In New Mexico
Population: 93,317
Median Rent: $1,196
More on Rio Rancho: Data | Crime | Cost Of Living | Real Estate
Population: 82,980
Median Rent: $1,074
More on Santa Fe: Data | Cost Of Living | Real Estate
Population: 15,258
Median Rent: $1,000
More on Los Lunas: Data | Crime | Cost Of Living | Real Estate
Population: 28,393
Median Rent: $971
More on Carlsbad: Data | Crime | Cost Of Living | Real Estate
Population: 7,740
Median Rent: $931
More on Ruidoso: Data | Crime | Cost Of Living | Real Estate
Population: 37,427
Median Rent: $919
More on Hobbs: Data | Cost Of Living | Real Estate
Population: 8,463
Median Rent: $904
More on Corrales: Data | Crime | Cost Of Living | Real Estate
Population: 45,857
Median Rent: $897
More on Farmington: Data | Crime | Cost Of Living | Real Estate
Population: 556,718
Median Rent: $891
More on Albuquerque: Data | Crime | Cost Of Living | Real Estate
Population: 39,255
Median Rent: $865
More on Clovis: Data | Crime | Cost Of Living | Real Estate
Learn More About Living In New Mexico
About Chris Kolmar
Chris Kolmar has been in the real estate business for almost ten years now. He originally worked for Movoto Real Estate as the director of marketing before founding HomeSnacks.
He believes the key to finding the right place to live comes down to looking at the data, reading about things to do, and, most importantly, checking it out yourself before you move.
If you've been looking for a place to live in the past several years, you've probably stumbled upon his writing already.
You can find out more about him on LinkedIn.