Santa Fe vs. Nearby Cities
Santa Fe is one of the most expensive cities in north-central New Mexico when real estate is considered. The city’s median listing price is often over $500,000 and may rise more in years to come. The median listing price per square foot is typically around $250, which is about $100 higher than the median listing price in Albuquerque. This larger city is located approximately 60 miles to the south, and it’s common to see the median listing price there rest below $250,000.
Many cities in this area of the state are somewhere between Santa Fe and Albuquerque prices. For instance, the median listing price in Los Alamos is typically around $350,000 or $170 per square foot.
Santa Fe Property Managers
When property managers or investors don’t have the time or desire to oversee their rental properties, they hire managers to oversee everything from rent collection and property repairs to evictions and marketing. This may mean a dedicated manager or a team of managers, but at least one person is always available to handle daily issues and emergencies.
Santa Fe Property Management Fees
Property managers typically charge a basic management fee plus added fees for property bills, marketing, and tenant recruitment. Most property owners will pay between 4 and 15 percent of the monthly rent collected from tenants plus an added fee for each new tenant brought to the property. Other fees are sometimes negotiated based on individual contracts.
New Mexico Landlord/Tenant Laws
- The state of New Mexico limits landlords to the monthly rental rate when asking for a security deposit. They may collect no more than the equivalent of one month’s rent.
- When a landlord wants to evict tenants for failure to pay rent, they must first give the tenant at least three days to make up the back rent or move out of the property.