Albuquerque vs Nearby Cities
Albuquerque is about 60 miles southwest of Santa Fe and offers much lower real estate prices. While the median home price in Santa Fe is around $500,000 much of the time, it tends to stay well below $300,000 in Albuquerque. Renters often face a median rent price of around $1,200 in Albuquerque, but those prices are a bit higher in Santa Fe as well. Buyers searching for more affordable real estate prices can look in many nearby cities, including Belen and Los Lunas. The median home price tends to stay close to $150,000 in both of these cities, and the median home values are much closer to $100,000.
Albuquerque Property Managers
Property managers serve as the eyes and ears for property owners unable to oversee their rental properties. They ensure that tenants abide by all rules and pay rent on time and are available to answer questions as needed. Managers often handle all marketing and screening for new tenants and are responsible for keeping all units occupied.
Albuquerque Property Management Company Fees
Most landlords in Albuquerque pay their managers between eight and 10 percent of the rent paid by tenants each month. This rate can get close to 15 percent if the property owner requests additional services or the property demands more attention than usual. Leasing fees often apply as well.
New Mexico Landlord/Tenant Laws
- Landlords in New Mexico cannot charge more than one month’s rent when asking a new tenant to pay a security deposit.
- Once a tenant vacates a rental unit, the landlord can take up to 30 days to return the tenant’s security deposit.
- Tenants can file a lawsuit worth up to $10,000 in damages if they believe their security deposit was withheld illegally.