Rent Trends / NM
Rent Trends in New Mexico: 2015 to 2026
Yearly Zillow Observed Rent Index (ZORI) for 16 cities in New Mexico. The average across tracked cities is $1,628/month in 2026, up from $872 in 2015 (+86.7%). That sits $334 below (-17.0% vs) the U.S. typical rent of $1,962.
Last updated: September 14, 2026
Source: Zillow Observed Rent Index (ZORI) · Jan snapshots for 2015–2025; 2026 column = June 2026 release · U.S. typical rent $1,962 (June 2026)
What the New Mexico rent trend shows
This page follows market rents in New Mexico from 2015 through mid-2026 using the same Zillow ZORI vintage for every city in the table. State figures below are simple averages of the tracked cities — useful for comparing places inside New Mexico and stacking the state against the published U.S. typical rent ($1,962/month in June 2026, up from $1,357 in January 2019 on our national series).
Since 2023, the tracked-city average in New Mexico has risen from about $1,349 to $1,628 (+20.7%). That is the post-spike path — not a full reset to mid-2010s rents. The latest year step (2025 → 2026) is +18.0% ($1,380 → $1,628).
Within the state, long-run winners and losers split by city. The largest percentage increase from the earliest reading to 2026 is Rio Rancho (+93.1%, $971 → $1,875). 3 of 16 tracked cities are higher than their 2015 (or earliest) level.
For the national rent story, see the Rent Index. Statewide maps live on Rent by State. Full city database: Rent by City.
City-level breakdown in New Mexico
Lowest 2026 rents
- Portales — $975
- Clovis — $1,272
- Roswell — $1,273
- Farmington — $1,304
- Las Cruces — $1,435 (+73.9% since 2015)
Highest 2026 rents
- Los Alamos — $2,749
- Los Lunas — $2,015
- Taos — $2,013
- Santa Fe — $1,882
- Rio Rancho — $1,875 (+93.1% since 2015)
Full list with every year from 2015–2026 is in the sortable table below.
All New Mexico cities — yearly rent table
| City | Metro | '15 | '16 | '17 | '18 | '19 | '20 | '21 | '22 | '23 | '24 | '25 | '26 | % Chg |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Albuquerque | $819 | $836 | $856 | $884 | $919 | $966 | $1,040 | $1,223 | $1,340 | $1,387 | $1,431 | $1,473 | +79.9% | |
| Las Cruces | $825 | $843 | $867 | $891 | $915 | $958 | $1,063 | $1,186 | $1,297 | $1,353 | $1,394 | $1,435 | +73.9% | |
| Santa Fe | — | — | $1,055 | $1,119 | $1,254 | $1,328 | $1,401 | $1,602 | $1,747 | $1,822 | $1,859 | $1,882 | +78.4% | |
| Rio Rancho | $971 | $1,005 | $1,026 | $1,055 | $1,098 | $1,171 | $1,273 | $1,454 | $1,615 | $1,721 | $1,787 | $1,875 | +93.1% | |
| Farmington | — | — | — | — | — | — | — | — | — | $1,135 | $1,208 | $1,304 | +14.9% | |
| Roswell | — | — | — | — | — | — | — | — | $1,053 | $1,078 | $1,205 | $1,273 | +20.9% | |
| Hobbs | — | — | — | — | — | — | — | — | — | $1,233 | $1,322 | $1,439 | +16.7% | |
| Los Lunas | — | — | — | — | — | — | — | — | $1,271 | $1,418 | $1,406 | $2,015 | +58.5% | |
| Clovis | — | — | — | — | — | — | — | $1,062 | $1,118 | $1,163 | $1,186 | $1,272 | +19.8% | |
| Carlsbad | — | — | — | — | — | — | — | — | — | — | — | $1,654 | +0.0% | |
| Alamogordo | — | — | — | — | — | — | — | — | — | $1,363 | $1,470 | $1,562 | +14.6% | |
| Los Alamos | — | — | — | — | — | — | — | — | — | — | — | $2,749 | +0.0% | |
| Silver City | — | — | — | — | — | — | — | — | — | — | — | $1,463 | +0.0% | |
| Portales | — | — | — | — | — | — | — | — | — | $878 | $915 | $975 | +11.0% | |
| Taos | — | — | — | — | — | — | — | — | — | — | — | $2,013 | +0.0% | |
| Santa Teresa | — | — | — | — | — | — | — | — | — | — | — | $1,670 | +0.0% |
Click any column header to sort · % Chg uses earliest available year → 2026
Frequently asked questions — New Mexico rent
Is New Mexico cheap to rent in 2026?
Yes — relative to the national market. The average rent across 16 tracked New Mexico cities is about $1,628/month, which is $334 below (-17.0% vs) the U.S. typical rent of $1,962. That is a city-average in our sample, not a single statewide ZORI print, but it is a clear signal that New Mexico screens cheaper than the U.S. typical $1,962.
What city in New Mexico has the cheapest rent?
Among cities in our ZORI sample, Portales is the lowest at about $975/month (2026). Other lower-rent cities include Clovis ($1,272), Roswell ($1,273), Farmington ($1,304).
What city in New Mexico has the most expensive rent?
Los Alamos leads our sample at about $2,749/month in 2026, followed by Los Lunas ($2,015) and Taos ($2,013).
How much have rents in New Mexico changed since 2015?
Across tracked cities, the average moved from about $872 in 2015 to $1,628 in 2026 (+86.7%). 3 of 16 cities are higher than their earliest reading in this series; the largest percentage jump is Rio Rancho (+93.1%).
Are rents in New Mexico still rising year over year?
From 2025 to 2026, the average across tracked New Mexico cities went from about $1,380 to $1,628 (+18.0%). Since 2023 ($1,349), that is +20.7%. Individual cities can diverge — sort by % Chg or compare the '25 and '26 columns.