Average rent for a one-bedroom apartment in New Mexico increased 20 percent to $925 since Jan. 1, the 12th-highest rate among states as determined by QuoteWizard, an online insurance comparison platform that is part of the LendingTree network of personal finance services.
Twenty-eight states still have higher average rates than New Mexico. Arizona, Colorado, Utah and Texas have average rents higher than $1,000, and Arizona had the highest rent increase in the country at 25 percent.
QuoteWizard calculated the state comparisons with data from Apartment List.
City-specific, QuoteWizard determined the average rent for a one-bedroom apartment in Santa Fe increased 25 percent since January from $1,230 to $1,537.
“The COVID-19 pandemic has had a significant impact on the cost of rent,” QuoteWizard noted in its report. “Our team here at QuoteWizard analyzed rental rates across the country and found the average cost for a one-bedroom apartment has gone up 16 percent nationwide since January.”