The Albuquerque apartment market took a slight hit in October, as rent growth declined, according to Axiometrics.

Annual effective rental growth in the Duke City declined 0.4 percent in October. The areas apartment market currently ranks 82nd in the United States for rental growth, while San Francisco is at the top with 8.3 percent growth.

Nationally, effective rent declined 0.28 percent in October, so the drop in Albuquerque wasn't out of the norm. Occupancy levels fell nationwide as well.

Historically, the apartment market sees a seasonal slowdown in the fourth quarter, but Axiometrics said the decline this year could be mild compared to years past for effective rental growth and occupancy.

With home prices on the rise in much of the country, a slight decline in rent growth may not be the worst thing for the apartment rental market. Rising home prices, and tight mortgage lending have made obtaining a home unrealistic. For this reason, landlords in Albuquerque and other areas could see an influx of rental applications, as declining rent levels draw them in.