Albuquerque apartment market may cool slightly

According to a recent report from New Mexico Business Weekly, the rental market in Albuquerque has cooled slightly in recent months and is expected to continue to do so.

Effective rents and occupancy rates declined in the Duke City in October, falling by 0.28 percent and 0.14 percent respectively.

Although many property managers in the area may be concerned about the potential slowdown in rental applications, authorities have stated that this is not an atypical slowdown for the fourth quarter.

Albuquerque ranks 82nd among the country's metro areas, with a rental market growth dip of approximately 0.4 percent, while San Francisco takes the top spot with a growth rate of 8.3 percent.

National occupancy rates also fell slightly in October, according to Axiometrics, dropping 14 points from September's rate of 94.56 percent to 94.42 percent.