As Carlsbad has continued to grow in population, how has the housing market adjusted? The Carlsbad Department of Development took a good look at this issue in a very thorough report that recently came out.
You can view the report yourself by visiting https://www.developcarlsbad.org/live/housing and clicking on the “Download the 2022 Housing Report” button. The report notes that Carlsbad and Eddy County are the fastest growing areas in the state at a 15.8 percent rate.
The report’s economic overview notes that unemployment rates have stayed below four percent for the past six months. Oil and gas activities have continued to lead to a surge in population, with the CDOD reporting a greater area population of more than 86,000, according to the organization’s calculations. This calculation is done using water usage compared to the average amount of water consumption per person.
According to the study, RV Park spaces have increased by 88 percent between 2017 and 2022. There were 1,174 RV Park Spaces in 2017 in Carlsbad and now there are 2,204.
Meanwhile, Man Camp units have increased an incredible 921 percent during the same period. There were only 270 man camp rooms in 2017 in Carlsbad. Today there are 2,758.
The study reports that hotels have continued to stay strong with an above market average in occupancy. Carlsbad reports 11 economy hotels, six midscale, seven upper midscale and two upscale hotels. Altogether, there are 2,033 hotel rooms in Carlsbad, and this list includes a large number of facilities that have opened over the past five years.
Additionally, apartment supply increased 67.57 percent during the past five years. Carlsbad’s largest apartment complex is Copperstone, which has 448 units. The second largest is the Pecos Vista complex, which has 204. Occupancy and demand has hovered above 85% for six consecutive months. The average cost of renting a one bedroom apartment in Carlsbad is currently, $1,060, while the average cost of a three bedroom is $1,600. There were only 1101 total apartments in 2017, while there are now 1,845.
Within the City of Carlsbad, there were 8,445 single family homes in 2017. That number has gone up to 9,391 in 2022. That’s an increase of almost 1,000 homes over the past five years. Of the new homes purchased this year, 44 percent of them were by families whose primary income was in the oil and gas sector.
Put all together, the numbers in the housing study show that all sectors in Carlsbad have shown a steady increase over the past five years. We appreciate the CDOD’s hard work in putting together this study, especially local development coordinator Stephanie Mervine, executive director John Waters and board president Jason Shirley.
Sincerely,
Carlsbad Mayor Dale Janway