SANTA FE, N.M. (KRQE) – Santa Fe rental prices are trending down, as a result of higher inventory. With between 900-1,100 new apartment units built this year in Santa Fe, and thousands more on the way, the city is seeing a rent drop.

Zillow reports the current average rent in Santa Fe is $2,400. Which is $150 less than a year ago. This works out to a median rent of $1,700 for a one-bedroom apartment, and $2,000 for a two-bedroom apartment, according to Landseer Management.

"The trend has been, rents going down gradually," Landseer Management COO Tanya Kil said. "There's a lot of economic factors that have affected that."

"I think what we're seeing is that the law of supply and demand works in economics," Santa Fe Mayor Alan Webber said.

Landseer Management went on to say that although

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