Santa Fe, NM - The City Different
Make your way to the warm Southwest portion of the country and you will find a contrast of desolation and thriving metropolitans. From retiree meccas in Arizona to the sprawling deserts of New Mexico, both the physical and economical landscape of the Southwest is as diverse as its cultural history. In the heart of it all lies a city on the rise, a gem of the Southwest. This week, Santa Fe, New Mexico, is recognized as TurboTenant’s Featured Southwest City For Affordability And Livability. In order to be a featured TurboTenant city, a town must demonstrate a high level of amenities, an average one bedroom rental rate near $1,000, and exhibit a thriving economy.
For landlords in the Southwest, Santa Fe offers unique investment opportunities with a steady influx of newcomers. For renters, the variety of neighborhoods and housing choices means there is a housing type to match every individual’s desire. From art focused lofts to suburbia type homes, Santa Fe offers a unique lifestyle that has earned this high-desert city the nickname “The City Different.”
Santa Fe By The Numbers
With a population of around 83,000, this ancient capital city is an eclectic mix of retirees, aspiring artists, students, tourists, and working class citizens. For those looking to relocate to Santa Fe, the thriving economy may be a large draw. The biggest occupation sectors include management, business, science, arts, service, and sales. With the presence of the Sandia National Laboratories, the Santa Fe Institute, and the large tourist draw, the economy continues to hold strong in recent years.
When it comes to the ratio of renters versus homeowners, Santa Fe has approximately 40 percent renters, higher than the national average. Investing in rentals in this city can prove to be lucrative, as a number of people ebb and flow out of the city. When looking at rental investments, it is important to take note of the rent price discrepancies throughout the city. Location is everything in this mountainous town.
Average Rent Prices In Santa Fe
With average one bedroom rent prices at $1,170 and the median for a one bedroom at $1,092, it may seem that living alone requires a fairly high wage. However, Santa Fe is a city with diverse neighborhoods and huge discrepancies in rent prices. For those looking to live downtown or on the famed Canyon Road, a premium price will be paid. However, if you are willing to look throughout the city, affordable prices are easily within reach.
For those who value location over everything else, opt for sharing a home with roommates. For landlords, properties nearest downtown and the eastern hills leading into the mountains will provide for the highest premium in rent prices.
A City That Stands Above
Santa Fe is the highest capital city in the United States, resting in the Sangre de Cristo foothills at 7,199 feet. However, this exceptional town stands above the rest in more than just elevation. With an unrivaled art community, a booming economy, natural beauty everywhere one turns, and an array of dining and shopping options, Santa Fe boasts an extremely high quality of life.
Santa Fe draws in visitors and new residents alike due to its unique lifestyle. From the moment you enter the city, you will understand why it earned its rightful nickname as the City Different. With adobe buildings as far as the eye can see, there is truly no other city like Santa Fe.
Take a trip into the past as you explore the winding, crooked streets of the historic districts of this fabled city. Founded in 1610 as a Spanish colony, Santa Fe is the oldest capital city in the US. From incredible historic buildings such as the Loretto Chapel and the Cathedral Basilica of Saint Francis of Assisi to the stunning Santa Fe Plaza, history buffs will be lost in the enchantment of this town. Strolling through the historic region of Santa Fe one is transposed not only back in time but across cultures. The heavy Spanish influence lends to a European feel. The city is also a reflection of Mexican, Aztec, and Native American heritage, creating a melded and yet distinct Santa Fe culture.
Photo Credit: Tourism Santa Fe
For those looking to dive into a bizarre and otherworldly interactive art exhibit, Meow Wolf should be a first stop. Nature lovers can take to the city’s hike and bike trails or head into the nearby mountains for incredible sights such as Tent Rocks and the Bandelier National Monument. Check out the Farmers’ Market in the Railyard of Santa Fe, a new gathering place for residents.
Residents will also enjoy the surplus of dining options found in Santa Fe. For those who wish to dine at only the finest, Santa Fe boasts the best, including a Michelin star restaurant, Geronimo. If you are looking to sample true New Mexican style food, a trip to the award-winning Tortilla Flats will provide you with a chance to try out unique, local cuisines. Here you can dine on carne adovada, queso calabacitas con maiz, or a delectable bowl of green chile. For a sip of locally brewed beer, head to one of the many breweries in town such as Santa Fe Brewing Company, Duel Brewing, Second Street Brewery, or Chili Line Brewing Company.
With more than 300 days of sunshine on average, Santa Fe’s climate is another reason this city is a Southwest gem. Due to the high elevation of the city, summers never become unbearable. However, unlike northern mountain towns, the winters in Santa Fe are mild as well. With an arid climate, many who struggle with health problems have chosen Santa Fe as a place of healing and wellness. Nearby holistic spas and natural hot springs also create a culture focused on health, well-being, and inner peace.
If you are looking for a Southwest city that boasts affordable living options paired with the highest quality of life, Santa Fe is a turquoise gem worth exploring. For renters, the thriving economy and diverse choice in housing prices makes this city a win. For landlords, investing in a rental property in the newly developing and booming parts of town could provide to be valuable as the city grows.
Landlords can take advantage of our Santa Fe Landlord Resources page as well as our free online software, which allows landlords to market their property, accept applications, and screen tenants in one easy-to-use location.