Albuquerque's rental market has been consistently stable, with rents slowly rising.

The average rent price increased nearly five percent over the year, from $761 in September of 2015 to $799 in September of this year.

The new numbers come from CBRE's latest apartment market survey, a report that looks at rent prices from 191 apartment complexes across town, which accounts for more than 40,000 units.

The occupancy rate of the Albuquerque apartment market was 95.42 percent in September, also up from the same time last year. The report said historically, September is the high point for the apartment market, with January being the low point.

With rents stable, investors see Albuquerque as a good market for new development. The report estimates in 2017, Albuquerque will see between 500 and 700 new apartment units. Most of those units will be built in the Northeast Heights.

The report also predicts about 250 units will be developed each year after 2017, unless Albuquerque undergoes substantial population growth.

The apartment market is even stronger in Santa Fe, though. With so much demand for apartments there, the occupancy rates in Santa Fe are high—97.79 percent in September.

The rent for a market rate apartment unit in Santa Fe was $1,017, a 12.83 percent increase from September 2015.

"The affordability requirement for new residential development combined with few suitable parcels and high land and construction costs make development of Santa Fe market-rate apartments challenging," the report read.

Despite demand, relief is not on the horizon. CBRE said only two new developments are planned for 2017 in Santa Fe, which would bring about 115 units to the market.