Albuquerque, NM Multifamily Market Report | Colliers | Q4 2025

Market Overview

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After delivering 776 units in 2025, the Albuquerque-Santa Fe multifamily market closed Q4 with occupancy at 94.7%, up 0.7 points year-over-year as the market absorbed its recent supply wave. Demand nearly stalled at just 25 units absorbed in Q4, and same-store effective asking rents for new leases fell 2.6% year-over-year to $1,328 per month, well below the market's five-year average rent growth of 6.8%. With 604 units under construction and 576 expected to deliver over the next four quarters, supply pressure will persist in the near term. The pipeline's gradual thinning, paired with occupancy trending in the right direction, points toward a more stable rent environment as existing inventory works through lease-up.

‍About Colliers

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Colliers is a global real estate advisory and investment management firm serving owners, operators, and investors across major U.S. markets. Their Q4 2025 Albuquerque-Santa Fe multifamily report tracks occupancy, rents, absorption, deliveries, and construction activity to help owners, developers, and investors assess market conditions and timing. To read the full report, click here.