Santa Fe rents were roughly flat over the past year, and published sources do not agree on direction. Zillow’s rent index for Santa Fe was up 0.6% from September 2025 to September 2026, while Apartment List’s October 2026 report shows a 3.6% decline over twelve months. New apartment supply is the main local factor cited by HUD and local reporting for the flat to softer readings. Below are the figures, where each one comes from, and what they mean for Santa Fe rental home owners.
Data as of October 23, 2026. Every figure is a published estimate from the source named next to it, not a guarantee of what any one property will rent for.
Santa Fe rent numbers at a glance
| Measure | Figure | Source and period |
|---|---|---|
| Typical asking rent, houses and apartments (Zillow Observed Rent Index) | $1,956 per month, up 0.6% from September 2025 ($1,944); down 0.9% from September 2024 ($1,973) | Zillow Research data, Santa Fe city, September 2026 |
| Median rent estimate (Apartment List) | $1,435 per month, unchanged from September, down 3.6% from October 2025 | Apartment List Rent Report, Santa Fe, October 2026 |
| Average asking rent, current Zillow listings | $2,500 per month, unchanged from a year earlier and $50 lower than the previous month; 377 rentals listed | Zillow Rental Manager market trends, Santa Fe, updated October 21, 2026 |
| Average asking rent, buildings with 50 or more units | $1,859 per month, up 0.53% from $1,849 a year earlier | RentCafe (Yardi Matrix), Santa Fe, updated October 19, 2026 |
| HUD Fair Market Rent, 2-bedroom, Santa Fe County | $1,685 per month for fiscal year 2026 | HUD Fair Market Rents, fiscal year 2026, effective October 1, 2025 |
Other fiscal year 2026 HUD Fair Market Rents for Santa Fe County: $1,259 for a studio, $1,390 for a 1-bedroom, $2,122 for a 3-bedroom and $2,231 for a 4-bedroom. Current Zillow listings by size, as of October 21, 2026: $2,344 average for 2-bedroom rentals and $3,018 for 3-bedroom rentals.
Why the numbers do not match
The figures above measure different things. Zillow’s rent index tracks typical asking rents across houses and apartments and smooths out month-to-month swings. Apartment List builds its estimate from government rent survey data and adjusts it with listing trends. The Zillow listings average reflects whatever is on the market today, and the Santa Fe listings range from $800 to $17,000 per month, so a few high-priced homes pull the average up. RentCafe covers only larger apartment buildings. HUD’s Fair Market Rent is a federal benchmark based on the 40th percentile of gross rents, including utilities, and it is not a market rent for any specific home.
What they share is a pattern: little or no growth in Santa Fe rents over the last year. Zillow’s index peaked in mid-2024 and has stayed between about $1,920 and $1,970 since September 2025. For context, the same index read $1,654 in September 2021, so rents are still well above where they were five years ago.
What is behind the flat market: new apartment supply
HUD’s Comprehensive Housing Market Analysis for the Santa Fe area, published as a HUD USER article on June 11, 2026, describes the rental market as soft. It reports 760 new apartment units entering the market in the 12 months ending June 2025, against about 400 units absorbed. Apartment vacancy reached 16.2% in the second quarter of 2025, up from 11.8% a year earlier, and the overall rental vacancy rate was estimated at 12.0%, up from 7.4% in April 2020. Average apartment rent fell 2% year over year to $1,799. HUD counted about 1,300 rental units under construction at the time of the analysis, and its conditions are as of August 1, 2025, so it is the latest HUD analysis we found but it is more than a year old. Read the HUD USER article.
The Santa Fe New Mexican reported on August 10, 2026 that about 1,100 new apartment units opened in the city roughly a year earlier, and that more than 500 additional units are expected to open over the following year and a half. Read the article. Several newer apartment communities are also advertising limited-time move-in specials on Apartment List’s Santa Fe page in October 2026.
These vacancy figures describe apartment complexes. We did not find a public Santa Fe vacancy or days-on-market figure for single-family homes, townhomes or condos, so owners of those homes should treat the apartment numbers as context rather than a direct measure.
What this means for Santa Fe rental home owners
Pricing
With asking rents flat to slightly lower, last year’s rent is a weaker guide than it was. Price against comparable homes that are listed now, matching neighborhood, bedrooms, condition and features. A home priced above comparable listings can sit even when the average looks healthy. HUD’s Fair Market Rent is a useful reference point, but it is a benchmark including utilities and not a rent cap or a rent target. If you want a number for your specific home, request a rental analysis and we will review your home against current local listings.
Vacancy
New apartment communities are competing for the same renters. Each month a home sits empty is a month of lost rent: on a home that rents for $2,000, that is $2,000 (a simple example, not a market figure). Reviewing price after the first couple of weeks of showings, instead of waiting for several weeks, keeps the cost of a pricing miss small. See also our rental property marketing page.
Turnover preparation
When renters have more choices, condition matters. Schedule paint touch-ups, floor and carpet cleaning, appliance checks and a heating system inspection before the current lease ends, not after. Winter move-outs in Santa Fe are a good reason to confirm the furnace or boiler works before photos and showings. Line up your vendors early through maintenance coordination so the home is ready to list the day it is vacant.
Lease timing
RentDataNow’s analysis of Zillow’s Santa Fe index (published October 17, 2026) finds January is the seasonally lowest month, about 1.3% below trend and about $47 per month below July. A lease that ends in December through February puts a re-rent into the part of the year when rents tend to be lowest, according to that analysis. If a lease would expire then, consider offering a renewal or a lease length that moves the end date to spring or summer. New Mexico’s Uniform Owner-Resident Relations Act sets notice requirements for changes to rent and lease terms, so confirm the rules for your situation before sending a notice.
What we could not verify
Local data on Santa Fe rentals is thin. We did not find a current public figure for rental vacancy, days on market or lease concessions that covers single-family rentals in Santa Fe, and the Santa Fe Association of REALTORS quarterly report we reviewed covers home sales, not rentals. The HUD analysis is dated August 2025. We update this page’s data when new figures are published.
Santa Fe rental market FAQ
Are Santa Fe rents going up or down right now?
Roughly flat, depending on the source. Zillow’s Observed Rent Index was $1,956 in September 2026, up 0.6% from September 2025. Apartment List’s October 2026 report puts the median at $1,435, down 3.6% from a year earlier. New apartment supply is the main reason HUD and local news describe the market as soft.
How should I set the rent on my Santa Fe rental home?
Compare your home with similar homes that are listed today, matching neighborhood, size, condition and features, and avoid relying on last year’s rent. HUD’s Fair Market Rent for a 2-bedroom in Santa Fe County is $1,685 for fiscal year 2026 (effective October 1, 2025), but it is a federal benchmark that includes utilities, not a rent cap or a market rent. For a number specific to your home, call 505-633-8864.
When should a Santa Fe rental lease end?
Spring and summer end dates fit the market’s seasonal pattern better than winter ones. According to RentDataNow’s analysis of Zillow’s Santa Fe index, January is the seasonally lowest month, about $47 per month below July. If a lease would expire in December through February, ask about a renewal or lease length that moves the end date.
Talk with NM Property Management about your Santa Fe rental
If you own a rental home in Santa Fe or Northern New Mexico and want to price it, time a lease, or plan a turnover, call 505-633-8864. You can also request a rental analysis or read about our residential property management and property management pricing. Looking to rent? See available rental homes in Santa Fe.
Related reading
- Santa Fe Rental Market Guide
- Santa Fe rent prices
- Is Santa Fe a good place to own rental property?
- Switching property managers in Santa Fe
Sources
- Zillow Research, Zillow Observed Rent Index, Santa Fe, NM city, through September 30, 2026, retrieved October 23, 2026.
- Zillow Rental Manager, Santa Fe market trends, updated October 21, 2026.
- Apartment List, Santa Fe Rent Report, October 2026.
- RentCafe (Yardi Matrix), Santa Fe average rent, updated October 19, 2026. Buildings with 50 or more units only.
- HUD, Fair Market Rents, fiscal year 2026 (effective October 1, 2025), Santa Fe, NM MSA (Santa Fe County).
- HUD USER, “Stable Job Growth, Slightly Tight Sales Market Conditions, and Soft Rental Market Conditions in the Santa Fe HMA,” published June 11, 2026.
- The Santa Fe New Mexican, “New Cerrillos Road complex, others in pipeline could help keep Santa Fe rents flat,” August 10, 2026.
- RentDataNow, Santa Fe rent trends, October 17, 2026 (seasonality analysis of Zillow data).
NM Property Management LLC, a New Mexico real estate brokerage, NM License #REC20231098. Call 505-633-8864. This update is general market information and not an appraisal, rent guarantee or legal advice.