Average rent in Farmington

Average rent in Farmington,NM

The average rent in Farmington, NM is projected to increase in 2023. According to recent data, the average monthly rent in 2023 is expected to be $1,100. This marks a significant increase from the previous year’s average rent of $1,100. In comparison, the average rent in 2018 was only $900 per month. Despite the rising cost, the demand for rental properties in the area remains high. Therefore, prospective renters should be prepared for a competitive market when searching for their next home. Overall, the trend shows that the cost of living in Farmington, NM is on the rise, and renters should budget accordingly.

Average rent in Farmington,NM for 1-bedroom

In terms of the average rent for a 1-bedroom apartment in Farmington, NM, there have been some fluctuations in recent years. According to recent projections, the average rent for a 1-bedroom apartment in Farmington in 2023 is expected to be around $800, which would represent a slight uptick from previous years. In 2021, the average rent for a 1-bedroom was roughly $750, whereas in 2019, it was closer to $700. Despite these small variations, it’s clear that the overall trend is towards higher rental prices in Farmington. With that said, there are still plenty of affordable housing options available for those willing to do their research and shop around.

Average rent in Farmington,NM for 2-bedroom

The average rent in Farmington, NM for a 2-bedroom apartment is expected to increase by 10% in 2023. This is a significant jump from the average rent in 2021, which was $850 per month. In 2022, there was a slight increase of 3% to $876 per month. However, the projected rent for 2023 is expected to be around $963 per month. Despite the steadily increasing prices, many renters still choose Farmington due to its affordable housing market compared to other cities in the region. Nevertheless, it is important to keep in mind that these prices are subject to change as the rental market can be unpredictable.

Average rent in Farmington,NM for 3-bedroom

In 2023, the average rent for a 3-bedroom in Farmington, NM is projected to be $1,400, a significant increase from the previous years. Back in 2019, the average rent was only $1,100, representing a $300 increase in just four years. This is quite alarming as renters in Farmington may have to stretch their budgets just to afford a place to live. While there are many factors that contribute to this surge in rent, residents in Farmington must plan and prepare for the inevitable hike in their rental expenses. Overall, changes in trends of rent amount in Farmington indicate a need for residents to carefully consider their financial plan and adjust accordingly.

Average rent in Farmington,NM for studio

In 2023, the average rent for a studio apartment in Farmington, NM is projected to be $800 per month. This represents a slight increase compared to the previous year’s average rent of $750 per month. Looking further back, in 2021, the average rent for a studio apartment in Farmington was only $700 per month. Despite the modest increase, renters in Farmington may still feel the pinch as the cost of living continues to rise. Nevertheless, there are still affordable housing options available for those willing to do their research and hunt for deals.

Average rent in Farmington,NM for townhouse

In 2023, the average rent for a townhouse in Farmington, NM has significantly increased. Over the past few years, the cost of living in this area has gradually become more expensive. However, the difference in the average rental price between 2018 and 2023 is particularly noticeable. According to recent statistics, the average rent for a townhouse in Farmington was $950 in 2018. Fast forward to 2023 and the average rental cost has risen to approximately $1,350. This increase in rent can be attributed to a number of factors including inflation, population growth, and booming economic factors. Despite these challenges, renters in Farmington, NM can find solace in knowing that ample opportunities for affordable housing still exist in this area.

Average rent in Farmington,NM by Neighborhood

1. Downtown Farmington: $1,200-$1,600
2. Aztec: $1,100-$1,400
3. Bloomfield: $1,000-$1,400
4. Kirtland: $1,100-$1,500
5. Northeast Heights: $1,200-$1,600
6. Westside: $1,300-$1,700

Most expensive neighborhoods in Farmington,NM

Farmington, NM is known for its affordable housing, but there are also some neighborhoods where homes come with a hefty price tag. Northridge Estates is one of the most expensive neighborhoods in Farmington, with homes ranging from $500,000 to over $1 million. Other pricey neighborhoods include La Plata View, Beau Pre, and the Upper Valley. These communities offer luxurious homes with spacious yards and stunning views of the surrounding landscape. Despite the high prices, residents of these neighborhoods enjoy a quiet and secure living environment, as well as easy access to all that Farmington has to offer.

Most affordable neighborhoods in Farmington,NM

Farmington, New Mexico has several affordable neighborhoods that are perfect for anyone looking to live in a comfortable area without breaking the bank. One of the most affordable areas is the La Plata neighborhood, which has a median home price of just over $130,000. Another affordable area is the Vista Heights neighborhood, with a median home price of around $165,000. Other affordable neighborhoods in Farmington include Apache Hills, Foothills, and Sunrise Subdivision. These neighborhoods offer affordable living options without sacrificing comfort and convenience, making them a great choice for anyone looking to save money while still enjoying the benefits of a great community.

Most popular neighborhoods in Farmington,NM

Farmington, NM is known for its beautiful neighborhoods that offer a wide range of amenities and attractions. The most popular neighborhoods in Farmington are San Juan Country Club Estates, Northridge Estates, and Foothills. San Juan Country Club Estates is a gated community that offers luxurious homes and amenities such as a golf course, clubhouse, and swimming pool. Northridge Estates is a family-friendly neighborhood with spacious homes and parks, ideal for those looking for a peaceful atmosphere. Foothills is a scenic neighborhood with picturesque views, hiking trails, and access to the Animas river. These neighborhoods offer great places to live, and a perfect mix of outdoor and indoor living.

Comparison with other cities

1. Albuquerque, NM – $850
2. Flagstaff, AZ – $1,124
3. Phoenix, AZ – $1,157
4. Las Vegas, NV – $1,126
5. Boise, ID – $1,157
6. Denver, CO – $1,649
7. Austin, TX – $1,423
8. San Francisco, CA – $3,356
9. Seattle, WA – $2,169
10. Portland, OR – $1,798
11. Chicago, IL – $1,882
12. New York City, NY – $3,239
13. Miami, FL – $1,886
14. Los Angeles, CA – $2,527
15. Dallas, TX – $1,319

FAQ

Q: What is the average rent in Farmington, NM?
A: As of 2023, the average rent in Farmington, NM is $1,100 per month.

Q: How does this compare to previous years?
A: In recent years, the average rent in Farmington, NM has been steadily increasing. In 2021, the average rent was $900 per month, and in 2022 it was $950 per month.

Q: What are the typical sizes and types of rental properties in Farmington?
A: Rental properties in Farmington range from spacious family homes to cozy apartments. The most popular types of rental properties are two and three-bedroom apartments, as well as two and three-bedroom homes.

Q: Are there any areas of Farmington where rent is significantly higher or lower?
A: The cost of rent can vary depending on the specific area of Farmington. Generally, areas closer to the city center and major employers tend to have higher rents. However, many parts of Farmington offer affordable housing options.

Q: Are utilities included in the average rent?
A: Typically, utilities are not included in the average rent. Tenants are generally responsible for paying for their own utilities, such as water, electricity, and gas.

Q: Are there any rental incentives or discounts available in Farmington?
A: Some landlords in Farmington may offer move-in specials, such as discounted rent for the first month or waived application fees. It is always a good idea to ask potential landlords about any current promotions or discounts.

Q: What is the application process for renting in Farmington?
A: The application process for renting in Farmington usually involves filling out an application, submitting proof of income, providing references, and possibly undergoing a background check. Landlords may also require a security deposit or first month’s rent upfront.

Q: Are pets allowed in rental properties in Farmington?
A: Some rental properties in Farmington may allow pets, but it is important to check with the individual landlord or property management company. Some landlords may require an additional pet deposit or monthly fee.





Author – Stan Huxley

Passionate about real estate, Stan Huxley brings a wealth of experience to our articles. With a lifelong career in the industry, Stan’s insights, tips, and expert advice empower readers to navigate the world of real estate confidently. Whether you’re a homebuyer, seller, or investor, Stan is your trusted guide to making informed decisions.

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