RECORD NUMBER OF NEW APARTMENTS COMING TO ALBUQUERQUE

New multifamily construction in Albuquerque is outpacing all previous records. There are a total of 49 multifamily projects being developed within the city limits of Albuquerque. These 49 projects represent 7,004 new apartments. One of every four apartments in development is categorized as affordable, with 1,719 of the 7,004 units being rent restricted or rent subsidized.

This is record number of new apartments being developed during any 36-month period in the history of Albuquerque.

Of the 7,004 new apartments in development, 3,389 are currently under construction. Affordable units under construction account for 26% of that total.

Adding multifamily developments in Rio Rancho to the equation, there are even more apartments on the horizon. In the Albuquerque Metropolitan Statistical Area (MSA), which includes Rio Rancho, Los Lunas, and Belen, there are 8,036 new rental units being developed amongst 55 different apartment communities, and over 27% of those are affordable apartments.

Sources: City of Albuquerque Environmental Planning Commission and City of Rio Rancho Building Division, Planning and Zoning Board