The wave of new homebuyers that has at least temporarily propped up sales of single-family homes not surprisingly has left area residential rental property managers scrambling to fill a growing number of vacant houses and apartment units.

After all, those new home-owners had to come from someplace, and many came from area apartment complexes.

"A major loss of our residents has been from those who have bought homes," said Justin Howles, manager of the Rancho Vizcaya and Enclave Apartments, 2500 Sawmill Road.

The persistent economic slowdown and company layoffs has added to the problem.

Howles' current 14 percent vacancy rate among Vizcaya's 205 units has also been brought about by renters who have lost their jobs and moved out of the area or to less expensive accommodations, such as back to mom and dad's place.

Jim Lightner, an associate with Barker Management, which manages a variety of rental property including residential units, also noted that "the rental market is very slow because there is a huge inventory of properties on the market."

That, Lightner said, has tended to push down rents through much of this year. A house that a year ago might have rented for $950 a month, now might go for $875 or $850, Lightner said. "You now can get much more for your money."

He said that is reflected on the popular Craigslist on the Internet, where the Barker company often posts rental listings.

A recent market analysis by CB Richard Ellis Multi-Housing Group of Albuquerque concluded that the market-effective rent — occupancy rate times the average rent — has declined by 15.11 percent — in Santa Fe since September 2008 with the largest declines in the smaller efficiency and one-bedroom units.

"The bottom line is that Santa Fe's traditional market is going through a very aberrant situation right now," said Ellis' David Eagle.

He said significant recovery in the area's apartment rental market is not expected until at least 2011. Expansion of the market will take even longer.

The Ellis analysis said that in light of the current weak rental market, "it is unlikely that significant new units will come on line for three to five years."

Contributing to a relatively slow comeback, the survey said, "Santa Fe's local government can be expected to continue to make new development difficult and lending for new construction is expected to be scarce for three or four years."

Some apartment managers said that though their rents have generally not gone down over the past year, they have not gone up either, which had been normal in a year's time.

"We have not been able to do the traditional increase," said Cheryl Smith, property manager at Los Pinones Apartments, 825 Calle Mejia. Meanwhile, she said, costs have continued to rise. She specifically cited freight costs for appliances and items needed for repair or replacement.

"Everything costs more, but we can't raise rents to accommodate the costs increase," Smith said. Rates at Los Pinones run from $825 for a one-bedroom, to $1,220 for a three-bedroom, two-bath apartment.

While apartment rents, unlike rents for single-family homes, have not generally declined, property managers are trying to entice renters with special deals. For example, Smith said, renters who sign a 15-month lease at Los Pinones get a month free.

Howles said new renters who sign a year's lease on what are normally $950 units at Rancho Vizcaya will get $200 off each month's rent.

Marlene Amijo, property manager at the 296-unit Talavera apartment complex, said that over the past year she has reduced rents by $80 to $100 a month for new renters. Rates at Talavera run from $599 for a one-bedroom, one-bath, to $699 for a two-bedroom, two-bath unit. Amijo said the complex's occupancy rate is 92 percent, which is "phenomenally great for Santa Fe at this time."

Eagle said the average occupancy rate for Santa Fe apartment complexes was
87.8 percent in September, after creeping back up from a low of 83 percent in May.

Kathy McCormick, director of the city's Office of Affordable Housing, said occupancy rates at some apartment complexes have fallen as low as
70 percent.