Published on Thursday, September 4, 2025
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It comes as 775 units are set to be delivered over the next 12 months.
Tenant demand is showing resilience for multifamily in Albuquerque, New Mexico — but that may not last as new product comes online.
Occupancy during the second quarter jumped by 220 basis points year-over-year to 95.7 percent, according to a market report from Colliers. However, the CRE firm is projecting that number to drop over the coming quarters. In the fourth quarter, Colliers sees the rate dropping to 95.5 percent before falling below 94.5 percent at the end of the second quarter of 2026.
It comes as 823 multifamily units were under construction in the second quarter; 775 of which are set to hit the market over the next 12 months. In the three months through June alone, 1,181 units were delivered. Some major developments include 209-unit The Senary by Allaso (scheduled to finish in October 2025), 202-unit Daybreak at the Trails (April 2026) and 248-unit Via Verde I (December 2025).
Rents for new leases were up by a modest 0.8 percent from the previous 12 months. While positive, that growth lags well behind the city's 7.5 percent five-year average of 7.5 percent.
"Recent annual rent change performance ranked Albuquerque at #14 in the West region and #84 nationally," Colliers said.
In terms of dollar volume, sales were flat quarter-over-quarter, below $200 million. That's about half the amount posted in the second quarter of 2024.
Dominium made the largest multifamily acquisition in Albuquerque during the second quarter of 2025, thanks to its $22.8 million purchase of a 288-unit property.