Editorial: More inventory the real key to tackling soaring rents
There’s a housing crisis in Albuquerque, and it doesn’t just involve those living on the streets or in their cars.
Out of sight but top of mind for untold thousands of New Mexicans are soaring rental costs. According to Rent.com, the average monthly rent for a one-bedroom apartment in the Duke City has gone up 42% during the pandemic. Mayor Tim Keller says rent in Albuquerque has increased an average of 22% just this year.
Renters of one-bedroom apartments in Albuquerque are paying an average monthly rent of $1,155. That’s up from $1,064 a year ago and $812 at the outset of the pandemic.
According to Albuquerque leaders, half of all renters in the city are paying more than 30% of their monthly income for housing — in addition to higher prices for everything else amid the worst inflation in 40 years. That’s unsustainable.
The New Mexico Supreme Court in 2020 placed a moratorium on eviction cases related to nonpayment of rent. It was a necessary pandemic safeguard, but the moratorium was phased out this spring and now many Albuquerque residents are seeing their monthly rental costs increase by more than $200.
A lot of renters are making hard choices, such as Albuquerque’s Mia Augustson, who told a Journal reporter she and her spouse have given up their car, put off some health care and called off a planned 20th anniversary celebration after their landlord raised their rent earlier this year by more than $200.
Read full article at the Albuquerque Journal website