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A landlord’s market

February 12, 2007

The Outlook section of the ABQ Journal ran a piece suggesting the Albuquerque apartment market will reach saturation in 2010–a mere three years away. The last time the market was so crowded was in the mid-nineties when Intel was expanding their manufacturing operations in Rio Rancho. In the fall of 1994 the apartment occupancy rate was 98%. This time around high occupancy rates are attributed to the metro area’s job growth, which the piece notes was 2.5% (or 9,700 jobs) in 2006.

I’m sure this article only whetted the appetite of housing developers looking to break into or expand upon Albuquerque’s residential housing boom, but one has to remember that apartments aren’t the only real estate the homeless look to rent.

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