Cannery Apartments Farmington NM
401 Nelson Ave,
Farmington, NM 87401
1-2 Beds | $1,400 - $1,600
Rental Market Trends in Farmington, NM
What is the average rent in Farmington, NM?
$883/month
Average Rent
635 Sq Ft
Average Apartment Size
+9.4%
Increase in the Last Year
As of July 2025, the average rent in Farmington, NM is $883 per month. This is 46% lower than the national average rent of $1,636/month, making renting in Farmington more affordable than most cities in the US. When you rent an apartment in Farmington, you can expect to pay about $661 per month for a studio, $883 for a one-bedroom apartment, and around $999 for a two-bedroom apartment. If you opt for a three-bedroom rental, you could pay $1,073 or more.
Floor Plan Type
Average Rent
Average Sq Ft
Floor Plan Type
Average Rent
Average Sq Ft
Floor Plan Type
Average Rent
Average Sq Ft
Floor Plan Type
Average Rent
Average Sq Ft
How much has average rent changed in Farmington, NM?
In the past year, rent has increased by 9.4%, which averages out to $83 more per month.
Market Trends Over Time
The chart below compares average rent prices to the previous year during the same time period.
Last Updated July 2025
Legend
2024
2025
Rent Ranges in Farmington, NM
Last Updated July 2025
$700 - $1,000
Most rental prices fall within this range
Percentage*
Rent Range
18%
Below $700/month
65%
$700 - $1,000/month
18%
$1,001 - $1,500/month
0%
$1,501 - $2,000/month
0%
Above $2,000/month
What salary do I need to live comfortably in Farmington, NM?
Because the average rent in Farmington is $883, you’ll want to make about $2,943 per month or $35,316 per year. The general guideline is to pay no more than 30 percent of your monthly income on rent. However, you’ll want to consider additional factors, such as your monthly bills and other expenses. Use our rent affordability calculator to help determine how much to budget for rent.
How does Farmington, NM compare to other nearby cities and neighborhoods?
Use the tool below to compare Farmington, NM to other nearby cities and neighborhoods. The Apartments.com neighborhood guides provide you with insight into the area’s transportation, things to do, and more.
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Methodology
† Our analysis of utilities, groceries, transportation, healthcare, home prices, and other goods and services is sourced from the Cost of Living Index, a respected benchmark published by the Council for Community and Economic Research (C2ER) that provides a thorough overview of living expenses across different regions.
Rent data is provided by CoStar Group’s Market Trend reports. As the industry leader in commercial real estate information, analytics, and news, CoStar conducts extensive research to produce and maintain a comprehensive database of commercial real estate information. We combine this data with public record to provide the most up-to-date rental information available.
Consumer goods, services, and home prices are sourced from the Cost of Living Index published by the Council for Community and Economic Research (C2ER). The data on this page is updated quarterly. It was last published in June 2025.
* Percentages may not total 100 due to rounding.