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Fair Market Rent in 88240 — Hobbs, NM
The typical 1-bedroom rent in 88240 (Hobbs, NM) is $1,134/month as of 2026, based on 3 data sources. Rents have risen 23.0% year over year, so an increase above 23.0% exceeds the local market trend. Studio: $1,070. 2-bedroom: $1,330.
Rents in Hobbs have grown approximately +23.0% (HUD estimate) over the past year based on HUD Fair Market Rent. A rent increase above 23.0% is above the local market trend.
Estimated Rent · 1-Bedroom
$1,134/mo
Source: HUD Estimated Rent
Data through
Based on federal benchmarks and 2 additional market sources.
The HUD Fair Market Rent for a 1-bedroom in 88240 (Hobbs, NM) is $1,070 for FY2026.
Rents in 88240 have increased 23.0% year-over-year based on HUD Fair Market Rent.
The confidence level for this estimate is moderate based on 3 data sources.
Based on HUD Fair Market Rent, a fair rent increase in Hobbs (88240) is approximately 23.0% for 2026. The typical 1-bedroom rent is $1,134/month. Any increase significantly above 23.0% exceeds the local market trend and may be worth negotiating.
Sources: HUD Fair Market Rent, HUD SAFMR FY2026, Rentcast. Updated October 2025.
Market trend data is limited for this area. The analysis below uses federal rent benchmarks.
What Should Rent Cost in 88240 (Hobbs)?
Typical rent ranges based on HUD benchmarks and market data. In areas with limited listing data, ranges reflect federal benchmarks and may be wider than actual market conditions.
A studio in 88240 (Hobbs) typically rents for $1,070 – $1,156.
Rents above $1,329 are in the top 25% for this area.
A 1-bedroom in 88240 (Hobbs) typically rents for $1,070 – $1,156.
Rents above $1,329 are in the top 25% for this area.
A 2-bedroom in 88240 (Hobbs) typically rents for $1,330 – $1,436.
Rents above $1,651 are in the top 25% for this area.
A 3-bedroom in 88240 (Hobbs) typically rents for $1,650 – $1,782.
Rents above $2,049 are in the top 25% for this area.
A 4-bedroom in 88240 (Hobbs) typically rents for $1,840 – $1,987.
Rents above $2,285 are in the top 25% for this area.
Current Asking Rents in 88240
What are apartments actually renting for near 88240? Click below to see live asking rents from current listings.
Live market data · Updated daily
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Federal Rent Benchmarks for 88240
HUD Fair Market Rents are federal rent benchmarks used for housing programs, published annually by HUD.Note: These values represent the HUD metro-area benchmark for the Lea County, NM area, not zip-specific rates.
| Bedroom Size | Fair Market Rent | Estimated Rent |
|---|---|---|
| Studio | $1,070 | $1,127 |
| 1-Bedroom | $1,070 | $1,134 |
| 2-Bedroom | $1,330 | $1,406 |
| 3-Bedroom | $1,650 | $1,742 |
| 4-Bedroom | $1,840 | $1,942 |
Source: HUD SAFMR FY2026 · Updated
Questions about rent in 88240
What is the average 1-bedroom rent in 88240?
The typical 1-bedroom rent in 88240 (Hobbs, NM) is $1,134/month as of 2026. This page also shows nearby bedroom benchmarks, including studio rent at $1,070 and 2-bedroom rent at $1,330.
What is a fair rent increase in 88240?
A rent increase up to about 23.0% is in line with the recent local market trend in 88240. An increase above that level is above trend and may justify a closer review against local pricing and comparable apartments.
Are rents going up or down in 88240?
Rents in 88240 have risen 23.0% year over year based on the local trend data used on this page.
How much do studios and 2-bedrooms cost in 88240?
On this page, studio rent in 88240 is $1,070/month and 2-bedroom rent is $1,330/month. These figures help show whether your current or proposed rent fits the broader local bedroom mix.
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These zip codes have similar 1-bedroom rents to 88240 ($1,070/mo) — useful for comparing what your rent gets you in other markets.
Nearby Areas
Market data updated monthly from public and third-party sources. Actual rents vary by unit, building, and lease terms. For informational purposes only — not legal or financial advice. See methodology →