A topic that has received a fair amount of discussion in the past several years is the rental market in the United States and its impact on the average family. For residents of Albuquerque, a combination of healthy construction and affordable cost-of-living has helped keep rent from rising to an out-of-control level like what has happened in cities like Los Angeles, New York City, and San Francisco.
The 2017 National Apartment List Rent Report from Apartment List has suggested rents have continued to increase in Albuquerque over the course of the year after several years of modest increases. Nationwide, locales like Phoenix, Arizona have seen an increase of 4.9% while San Diego, California has seen a 4.6% increase in the average rental rate.
When compared to the recent rental increases in Albuquerque, the cost of rent over the course of the past year has been less than those larger metropolitan areas at 3.43%. A two-bedroom apartment was, on average $958 a month, which is a 3.03% increase over rental rates seen in 2016.
Affordable Housing Options Proposed for Albuquerque
In the past decade, Albuquerque has dedicated millions of dollars to projects meant to provide affordable housing for its residents. An article from Albuquerque Business First suggests the desire to ensure all residents can find affordable housing has not only improved housing prospects for low-income residents but has also helped to boost the local construction industry.
“The city’s next affordable housing project is proposed on 4th Street NW, a couple of blocks south of Candelaria Road NW. The city bought the 5-acre property in 2014 and will move forward with plans to develop it. Bernalillo County is also contributing towards the project.”
The name of the city’s fund is the Workforce Housing Trust Fund, which has been a financial backer for several housing projects already under construction in Albuquerque.
Affordable Cost-of-Living and Apartment Life in Albuquerque
Finding a place to live in Albuquerque often means comparing several factors like the cost of rent, the proximity of the potential apartment to work or school, and the amenities present in the neighborhood and within the apartment community. One of the benefits of living in an apartment that has an affordable cost of living is the fact that low costs on utilities, transportation, entertainment, and food may allow for an increase in the quality of a future apartment.
In a city with an expensive cost-of-living, a family earning a modest income might have to consider a small apartment or one without all the amenities that might otherwise be required. A family with two children might have to live in a 2-bedroom apartment rather than living in a more spacious 3-bedroom apartment. Similarly, a college student without much to spare for rent might have to live in a studio rather than a 1-bedroom or live in a small apartment with a roommate.
The affordable nature of Albuquerque’s rental market means that people who are interested in moving to the city may be able to widen the search for an apartment to communities with large floor plans, extra amenities, and convenient locations.
Consider Dorado Heights in Albuquerque for Your Next Apartment
Are you interested in finding a great place to live? Is it time to upgrade your apartment experience? Consider everything Albuquerque and Dorado Heights have to offer with an ideal balance of style, location, and amenities. Contact us today to arrange a tour of your future apartment in Albuquerque.