Albuquerque Journal (Albuquerque, NM)

Full House.(Business Outlook)

Byline: Diane Velaso Journal Staff Writer

The apartment market in Albuquerque beats its neighbors'

Albuquerque's apartment market enjoyed a lower vacancy rate in the first quarter than those of Phoenix, Tucson and Las Vegas, Nev.

The Duke City saw rent growth increase, while the other three cities saw declines, according to the latest report by the national apartment consulting company Hendricks & Partners.

All four markets were impacted by the surge toward home ownership inspired by historically low mortgage rates. Yet Albuquerque's apartment vacancy rate held steady at 7.2 percent, the same recorded in the first quarter 2002.

Phoenix's vacancy rate increased to 9.7 percent from 8.8 percent a year earlier. Tucson's inflated to 10.1 percent, up from 8.8 percent last year. Las Vegas climbed to 8 percent, up from 7.2 percent.

Albuquerque landlords were able to slightly improve their rent growth, to 1 percent, up from 0. …

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