The Cause of Albuquerque's Soaring Apartment Rents.
Outside investors are buying multifamily properties in Albuquerque, leading to rent hikes, maintenance issues, and unexpected lease non-renewals for tenants. The city's aging housing stock is attracting investors who promise renovations and updates post-purchase. However, tenants are reporting rent increases of up to 80% and problems with maintenance after ownership changes hands. Albuquerque's economic growth and the cost of renovating outdated buildings have led to citywide rent spikes, giving a "heart attack" to residents as prices increase all at once. Despite calls for tenant protections, the Albuquerque City Council has rejected proposals, citing concerns about burdening landlords and discouraging developers from building new apartments.