ZIP 87123
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Bedroom estimates are gross rents that include essential utilities (electricity, water, gas, sewer, trash).
12-month history
Last updated: October 17, 2026
What the numbers show
February. Asking rents in ZIP 87123 usually run 1.2% below trend in February and 1.2% above it in September, about $29 a month apart at today's median. Based on 7 years of data.
Rent in ZIP 87123 is 0.2% below its high of $1,215 in March 2025, at $1,213 as of September 2026.
Rent in ZIP 87123 changed +0.3% over the year to September 2026. Across the 32 New Mexico ZIP codes Zillow tracks, the typical change was +3.2%.
From 2019 to 2024, rent in ZIP 87123 rose 50% while median household income rose 29.4% ($49,742 to $64,359). Rent outpaced income.
Rent in ZIP 87123 is 51.6% higher than in March 2020. Across the US, rent is up 37.3% over the same stretch.
Rent rose in 5 of the last 12 months.
30% of the median household income ($64,359) is $1,609 a month. That covers HUD's Fair Market Rent for up to a 2-bedroom ($1,330); a 3-bedroom is $1,850.
3rd cheapest of 16 ZIP codes in Albuquerque.
ZIP 87108, 6 miles away, rents for 21% less ($962/mo), about $3,000 a year in savings.
From Zillow's monthly rent index (ZORI) for ZIP 87123. The seasonal pattern compares Zillow’s seasonally adjusted and unadjusted series. Income is the Census median household income (5-year estimates). Fair Market Rents are HUD’s, which include utilities.
Who lives here
ZIP 87123 (Albuquerque, NM) is majority owner-occupied, has a median income below the national average, 33.4% of residents hold a bachelor's degree or higher.
Source: U.S. Census Bureau · ACS 2024 5-Year Estimates
How ZIP 87123 in Albuquerque, NM has changed in 5 years
Since 2021, the typical rent in ZIP 87123 in Albuquerque, NM has increased from $900 to $1,213, a 34.8% change over five years. Household income in the area moved from $53,544 to $64,359 across the same window, up 20.2% versus 2021. That spread, with rent up faster than earnings, points to a tougher affordability environment than five years ago. The population has contracted by 4.3% since 2021, moving from about 44,162 residents to roughly 42,252. Renters now make up 33% of households, compared with 34.9% five years ago. Reading these numbers side by side helps frame whether current listings in ZIP 87123 in Albuquerque, NM look reasonable against where the market sat half a decade ago.
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Tips for renters in ZIP 87123
Last updated: October 17, 2026
ZIP code 87123 covers Albuquerque, NM. The median rent here is $1,213/mo as of October 2026. A 1-bedroom rents for a median of $1,080/mo. A 2-bedroom rents for a median of $1,330/mo.
At 23% of local median household income ($64,359/yr), ZIP 87123 ranks as affordable compared to the national benchmark of 30%. Rents have increased 0.3% over the past year.
Frequently asked questions
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How does ZIP 87123 compare to other ZIPs in New Mexico?
How does ZIP 87123 compare to the rest of Albuquerque?
At $1,213/mo, rent takes ~23% of ZIP 87123's median household income ($64,359/yr). The standard benchmark is 30%.
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