ALBUQUERQUE-Rents in the multifamily sector of Albuquerque remained unchanged in the first quarter, according to multifamily research organization, RealFacts. The average cost at large complexes dropped to $621, down $4 from December 2001. In a first quarter to first quarter comparison, rents actually rose 1.5%.

Albuquerque experienced a decline in occupancy by 0.6%, registering 92.4%. According to the research firm, it's the third consecutive quarter that occupancy has fallen in a city with 68 multifamily properties representing 16,825 units. The number is down 1.7% from first quarter 2001.

RealFacts researchers say the sluggish showing may dissuade developers from bringing new product into the marketplace and could halt the progress of projects still in the permitting phase. Three projects projected, totaling 514 units, were permitted in 2001, according to city records. Another 824 units in three projects have garnered green lights year to date.