Rio Rancho NM rent increase 2026 Rio Rancho has no rent control in 2026. New Mexico has no statewide rent control preemption statute and no New Mexico city has enacted rent control — Rio Rancho landlords may raise rent any amount. New Mexico Owner-Resident Relations Act (NMSA 1978 §§47-8-1 to 47-8-52): 1-month security deposit cap (§47-8-18); 30-day return with itemized statement; 3-day Notice to Pay Rent or Quit with tenant cure right (§47-8-33). Intel Fab 11X (~4,000+ employees = Sandoval County’s largest private employer); Rust Medical Center (UNM Health System, Level III Trauma, ~1,500–1,800 employees); Albuquerque overspill market (15–25% discount vs. NE Albuquerque; NM-528/I-25 25–40 min commute) anchor New Mexico’s fastest-growing major city.

New Mexico rent control law: why Rio Rancho has no rent regulation

New Mexico has no explicit statewide rent control preemption statute. The New Mexico Legislature has also never enacted a statute affirmatively granting any municipality the authority to impose residential rent control. Under Dillon’s Rule — which governs the extent of municipal power in New Mexico for non-home-rule aspects of governance — the absence of a legislative grant means no New Mexico city has the legal authority to impose rent regulation. Even for home-rule cities (which Rio Rancho is), the question of whether the NM ORRA’s comprehensive landlord-tenant framework impliedly preempts the field of rent regulation has never been litigated, and no city has ever tested it.

The practical result is that Rio Rancho and all New Mexico cities operate in fully market-determined rent environments. No Rio Rancho rent board exists. No annual guideline applies. No tenant may file an administrative challenge to the size of a rent increase. Rio Rancho landlords may raise rent at renewal by any amount, subject only to the lease contract, applicable notice periods under the ORRA, and their tenants’ willingness to pay.

Important jurisdictional note: Sandoval County Magistrate Court

Although Rio Rancho is physically adjacent to Albuquerque and is part of the Albuquerque–Rio Rancho metropolitan statistical area, Rio Rancho is located in Sandoval County — not Bernalillo County. This is the most common source of procedural error for Rio Rancho landlords: eviction filings and small claims for Rio Rancho properties must be filed in Sandoval County Magistrate Court (1500 Idalia Rd, Bernalillo NM 87004; (505) 867-2376), not in Bernalillo County Metropolitan Court. Filing in the wrong court will result in dismissal or transfer, delaying the eviction process by weeks.

New Mexico Owner-Resident Relations Act (ORRA): Rio Rancho tenant protections

Security deposit: 1-month cap, 30-day return, and double-damages penalty (NMSA §47-8-18)

New Mexico limits security deposits to an amount not exceeding one month’s rent for unfurnished residential units. For a Rio Rancho unit at $1,200/month, the maximum deposit is $1,200. Return requirements: the landlord must return the deposit balance along with a written itemized statement of any deductions within 30 days after the tenancy terminates and the resident vacates and delivers a forwarding address (§47-8-18(D)). Missing the 30-day deadline forfeits all right to retain any portion of the deposit. Wrongful withholding: if the landlord wrongfully withholds any portion, the resident may recover the amount withheld plus an equal amount as damages (2× total recovery), plus reasonable attorney’s fees (§47-8-18(E)). Normal wear and tear is not deductible.

Non-payment notice: 3-day Notice to Pay Rent or Quit with cure right (NMSA §47-8-33)

For non-payment of rent, Rio Rancho landlords must serve the resident with a written Notice to Pay Rent or Vacate specifying the unpaid rent and giving at least 3 days to pay the full delinquent amount or leave. New Mexico’s 3-day notice carries a cure right: if the resident pays all delinquent rent within 3 days, the landlord may not proceed with eviction for that non-payment event. This distinguishes New Mexico from Texas (3-day no-cure), Florida (3-day no-cure), Ohio (3-day no-cure), and Missouri (3-day no-cure), where payment during the notice period does not stop the eviction process.

For material lease violations other than non-payment, Rio Rancho landlords give a 7-day Notice to Remedy or Quit (§47-8-33(A)(2)). Evictions proceed in Sandoval County Magistrate Court (1500 Idalia Rd, Bernalillo NM 87004; (505) 867-2376). Self-help eviction is prohibited (NMSA §47-8-36): actual damages + two months’ rent + attorney fees for violations.

Rio Rancho rental market 2026: ABQ overspill, Intel, and the Sandoval County boom

Rio Rancho (population approximately 105,000–110,000 in 2026; Sandoval County seat; elevation 5,265 feet; 12–15 miles northwest of Albuquerque via NM-528 to I-25; incorporated as a city in 1992 after growing from a AMREP-developed retirement and vacation community in the 1960s to New Mexico’s third-largest city) is one of the fastest-growing mid-sized cities in the American Southwest. Sandoval County has been among New Mexico’s fastest-growing counties since the 1980s, driven primarily by Intel’s New Mexico operations and by Albuquerque residential overspill as housing costs in Bernalillo County rose faster than in Sandoval County.

Rio Rancho’s rental market is fundamentally an Albuquerque overspill market. The city exists in its current form primarily because of Intel’s presence since 1980 — without the fab, Rio Rancho would be a much smaller bedroom community. The NM-528 to I-25 corridor connects Rio Rancho to Albuquerque’s major employer clusters in approximately 25–40 minutes under typical conditions: Sandia National Laboratories (southeast ABQ via NM-528 to I-25 to Kirtland Gate; ~35–50 min); Kirtland AFB (same corridor); University of New Mexico (I-25 to Central Ave; ~30–45 min); Presbyterian Healthcare Services main campus (I-25 to Central Ave; ~30–40 min); Downtown Albuquerque (I-25 to Central Ave; ~25–35 min). Renters who work at Albuquerque’s major employers can capture a 15–25% rent discount by living in Rio Rancho versus comparable Northeast Albuquerque units, absorbing the commute cost in savings.

Rio Rancho’s housing stock is predominantly newer than Albuquerque’s: most of Rio Rancho was developed in the 1990s–2020s, meaning the average unit is significantly newer than comparable Albuquerque units at the same price point. Rio Rancho renters benefit from newer construction quality, more suburban amenities (larger parking, more green space, more modern layouts), and the perception of a quieter, family-oriented environment. The tradeoff is car dependency — Rio Rancho has minimal public transit relative to central Albuquerque, meaning most Rio Rancho residents need a personal vehicle.

Rio Rancho neighborhood rent table 2026

Neighborhood / Submarket	Typical 1BR (2026)	Typical 2BR (2026)	Notes
Northern Rio Rancho (Northern Blvd / Unser Blvd)	$1,000–$1,400	$1,200–$1,700	Closest submarket to Intel Fab 11X via Sara Rd; newer apartments and townhomes; Rust Medical Center adjacent; Intel employee primary housing area; strong occupancy
Cabezon (Master-Planned Community)	$1,100–$1,500	$1,250–$1,750	Rio Rancho’s premium planned community; newer homes and apartments; amenities (pool, trails); Sandia Mountain views; Intel/Sandia Labs commuter demand; highest rents in RR
Southern Rio Rancho (Westland / Southern Blvd)	$950–$1,300	$1,100–$1,550	Closest to Albuquerque; NM-528/I-25 access for ABQ commuters; Rust Medical Center adjacent; moderate rents; mixed older and newer stock; most transitional submarket
Western Rio Rancho (Enchanted Hills / Golf)	$900–$1,250	$1,050–$1,500	Western edge; golf course communities; family-oriented; scenic West Mesa; more car-dependent; longer ABQ commute; most affordable RR submarket
Near Intel (Sara Rd / Southern Sandoval County)	$1,000–$1,350	$1,150–$1,600	Closest residential to Intel Fab 11X campus; demand cyclically sensitive to Intel employment (volatile 2023–2024 following restructuring); monitor Intel announcements as leading indicator
Rio Rancho City Center (Civic Center area)	$950–$1,300	$1,100–$1,500	Developing downtown core; Rio Rancho Event Center; city government cluster; RRPS district offices; emerging walkable district; growing mixed-use residential

Rio Rancho rental market trajectory: 2019–2026

Year	Avg 1BR (Rio Rancho)	Premium Submarket (Cabezon / Northern RR)	Affordable Submarket (Western / Southern)	YoY Change / Notes
2019	$790–$950	$950–$1,300	$680–$850	Pre-pandemic baseline; Intel stable ~4,800 employees; Sandoval County growing ~2–3% annually; 15–20% discount vs. NE Albuquerque
2020	$800–$960	$960–$1,310	$685–$860	±1–2%; pandemic uncertainty; Intel essential manufacturing unaffected; ABQ employer base (Sandia/Kirtland) unaffected; remote work drives suburban preference
2021	$870–$1,050	$1,050–$1,500	$750–$950	+8–12%; remote work boom drives suburban migration; in-migration from CA/TX seeking affordable ABQ metro option; Intel Fab 11X expansion speculation; Cabezon development accelerates
2022 (peak)	$1,000–$1,200	$1,200–$1,700	$870–$1,050	+12–18%; peak; ABQ metro overspill intense as NE Albuquerque rents surge; new apartment delivery in Cabezon insufficient to meet demand; Intel still at ~4,800 NM employees
2023	$1,020–$1,220	$1,220–$1,720	$880–$1,060	+2–4%; Intel announces NM restructuring (~800 layoffs from ~4,800 to ~4,000+); demand moderates near Intel campus; healthcare and ABQ commuter demand steady; Cabezon new supply
2024	$1,040–$1,250	$1,240–$1,740	$900–$1,080	+2–3%; stabilization; Intel employment stabilizes at ~4,000+; Rust Medical Center expansion; Rio Rancho Event Center programming grows; new Cabezon townhome delivery
2026F	$1,050–$1,300	$1,250–$1,800	$950–$1,100	+2–4%; stable; Intel employment watch; Rust Medical Center UNM Health expansion; ABQ metro overspill continues; Cabezon and Northern RR development; 15–25% ABQ discount maintained

Intel Fab 11X: Sandoval County’s largest employer and Rio Rancho’s economic foundation

Intel Corporation’s New Mexico operations (Intel Fab 11X; 4100 Sara Rd, Rio Rancho NM 87144; Sandoval County; Intel’s primary New Mexico wafer fabrication and back-end assembly/test facility; approximately 4,000+ employees as of 2026) have been the foundational economic driver of Rio Rancho since 1980, when Intel opened its first New Mexico facility. Intel New Mexico at its employment peak (early 2000s) employed approximately 5,500–7,000 people — by far the largest private employer in Sandoval County and one of the most significant semiconductor manufacturing operations in the American Southwest.

Intel’s Fab 11X performs back-end assembly and test operations for processor chips designed at Intel’s Oregon and Arizona fabs. Back-end operations include chip packaging, testing, burn-in, and quality assurance — processes that require significant precision manufacturing expertise but operate on slightly older process technologies than Intel’s leading-edge fabs. The CHIPS and Science Act of 2022 ($52.7 billion for US semiconductor manufacturing) has directed the largest investment tranches toward leading-edge fabs in Arizona (TSMC $65 billion, Intel Arizona ~$20 billion) and New York (Micron $100 billion), rather than toward back-end operations like Rio Rancho’s Fab 11X. This distinction means Rio Rancho does not benefit from the same CHIPS Act investment surge as Chandler AZ, Columbus OH, or upstate New York.

Intel announced significant global workforce reductions in 2023–2024 under CEO Pat Gelsinger (who departed in December 2024). Rio Rancho experienced approximately 800 layoffs from the ~4,800 peak, settling at approximately 4,000+ by 2026. Rio Rancho landlords should treat Intel employment announcements as the single most important leading indicator for the Northern Rio Rancho and Intel-adjacent rental submarkets. Intel employee departures have historically produced vacancy rate increases of 3–5 percentage points within 2–4 miles of the Sara Rd campus. Because New Mexico has no rent control, these cycles play out fully in market dynamics without administrative intervention.

Rust Medical Center and Presbyterian Sandoval Regional: Rio Rancho’s healthcare employment anchors

Rust Medical Center (2400 Unser Blvd SE, Rio Rancho NM 87124; UNM Health System affiliate; Level III Trauma Center; approximately 1,500–1,800 employees; 150+ licensed beds; comprehensive emergency, surgical, cardiac, and women’s health services) is Rio Rancho’s primary acute-care hospital and one of the city’s most stable employers. Unlike Intel’s cyclical employment, healthcare employment is highly stable and recession-resistant: Rust Medical Center staff (nurses, physicians, allied health professionals, administrative) maintain consistent employment regardless of semiconductor industry cycles or broader economic conditions.

Presbyterian Sandoval Regional Medical Center (3001 Broadmoor Blvd NE, Rio Rancho NM 87144; a Presbyterian Healthcare Services facility; approximately 500–700 employees; 40+ licensed beds; freestanding emergency room and outpatient services) provides additional healthcare employment in the Northern Rio Rancho corridor. Together, the two facilities employ approximately 2,000–2,500 healthcare workers in Rio Rancho, generating year-round rental demand that counterbalances Intel’s cyclical volatility. Healthcare workers in Rio Rancho primarily seek housing in the Northern Rio Rancho and Cabezon neighborhoods convenient to both hospital campuses and to the NM-528/I-25 commute to UNM Health facilities in Albuquerque.

Rio Rancho Public Schools: the education employment anchor

Rio Rancho Public Schools (RRPS; 500 Laser Rd NE, Rio Rancho NM 87124; approximately 17,000–19,000 enrolled students; approximately 2,500–3,000 employees including teachers, administrators, and support staff) is one of Rio Rancho’s most significant employers after Intel and the healthcare sector. RRPS educators and administrators earning $40,000–$90,000 generate broad rental demand across all Rio Rancho submarkets, with concentration near the district’s 28+ school facilities. Education employment is highly stable (school-year contracts, civil-service protections) and provides another counter-cyclical demand anchor to complement healthcare and offset Intel’s volatility.

Rio Rancho vs. other New Mexico and Southwest cities: 2026 rent law comparison

State / Jurisdiction	Rent Control Status	Mechanism	Key Statute / Framework	Typical 1BR (Major City, 2026)
Rio Rancho NM (Sandoval County)	No rent control; no ordinance ever enacted	NM ORRA; Dillon’s Rule; NM Legislature has never granted rent control authority	NM ORRA NMSA 1978 §§47-8-1 to 47-8-52; 1-month deposit cap; 30-day return; 3-day cure notice; Sandoval County Magistrate Court jurisdiction	$1,050–$1,300 avg; Cabezon $1,100–$1,500; Western $900–$1,250
Albuquerque NM (Bernalillo County)	No rent control (same NM ORRA applies)	Same NM ORRA; Sandia Labs / Kirtland AFB; UNM Level I Trauma; Presbyterian; Bernalillo County Metro Court	NM ORRA (identical statute); 1-month deposit cap; 3-day cure notice; 15–25% more expensive than Rio Rancho comparable units	$1,050–$1,250 avg; Northeast Heights/Nob Hill $900–$1,800
Chandler AZ	Preempted statewide (explicit statute)	Arizona Rev. Stat. §33-1329 (1981)	Arizona ARLTA; Intel Chandler Fab 52/62 ($20B+ CHIPS Act); leading-edge fabs (unlike RR back-end); 1.5-month deposit cap; 14-day cure	$1,400–$1,800 avg; significantly more expensive than Rio Rancho despite both having Intel fabs
Santa Fe NM	No rent control (same NM ORRA applies)	Same NM ORRA; home-rule ambiguity; state capital; LANL commuter; STR compression; arts economy	NM ORRA (identical statute); most expensive NM rental market; $1,400–$1,800 avg 1BR	$1,400–$1,800 avg; Downtown/Canyon Road $1,200–$2,200; 25–50% more expensive than Rio Rancho
Hillsboro OR	Active statewide cap (9.9%/yr)	Oregon SB 611 (2019); applies statewide including to Intel Hillsboro Campus (Fab D1X, Oregon’s leading-edge fabs)	ORS §90.323; Portland metro rent cap; Intel Hillsboro = Oregon’s largest private employer; leading-edge 4nm/2nm fabs	$1,600–$2,200 avg; significantly more expensive than Rio Rancho; rent cap applies but supply constrained
Oklahoma City OK	No rent control (Dillon’s Rule)	Dillon’s Rule; ORLTA; no legislative grant; same no-control mechanism as NM	ORLTA; NO deposit cap (unlike NM 1-month cap); 5-day cure notice (vs. NM 3-day); larger metro than RR	$1,000–$1,150 avg; comparable to Rio Rancho despite much larger metro size

Rio Rancho landlord compliance checklist 2026

1. No rent cap or increase guideline applies — raise rent any amount at renewal with proper notice: New Mexico has no statewide rent control preemption statute and no Rio Rancho ordinance limits rent increases. For fixed-term leases, rent may not be changed during the term without the resident’s written consent; at expiration, offer any new rent. For month-to-month residents, provide at least 30 days’ advance written notice before the increase takes effect.
2. File in Sandoval County Magistrate Court (NOT Bernalillo County): Rio Rancho is in Sandoval County. All eviction filings and small claims for Rio Rancho properties must be filed in Sandoval County Magistrate Court (1500 Idalia Rd, Bernalillo NM 87004; (505) 867-2376). Filing in Bernalillo County Metropolitan Court by mistake will result in dismissal or transfer and weeks of delay.
3. Collect no more than 1 month’s rent as a security deposit (NMSA §47-8-18): New Mexico caps security deposits at one month’s rent for unfurnished units. For a $1,200/month unit, the maximum deposit is $1,200. Collecting more than one month’s rent as a deposit violates the ORRA and may expose the landlord to statutory liability including the double-damages penalty.
4. Return deposit with itemized statement within 30 days of termination and vacating: the 30-day clock runs from when the tenancy ends AND the resident vacates AND provides a written forwarding address. Missing the 30-day deadline forfeits all right to retain deductions. Wrongful withholding: 2× the withheld amount plus attorney’s fees.
5. No deductions for normal wear and tear: routine paint scuffs, light carpet wear, minor nail holes, and normal appliance aging are not deductible. Photograph at move-in and move-out. Keep all contractor invoices for claimed deductions.
6. Serve 3-day Notice to Pay Rent or Quit with cure right before filing for eviction: for non-payment, serve written Notice to Pay Rent or Vacate specifying the unpaid amount, giving the resident at least 3 days to pay in full or vacate. Cure right: if the resident pays within 3 days, the landlord may not proceed with eviction for that event. After 3 days without cure, file in Sandoval County Magistrate Court.
7. No self-help eviction — use Sandoval County Magistrate Court: changing locks, removing the resident’s belongings, or shutting off utilities is prohibited self-help eviction (NMSA §47-8-36). Violations expose the landlord to actual damages, two months’ rent, and attorney’s fees, plus immediate court-ordered reentry.
8. Give 30 days’ notice before terminating a month-to-month tenancy or raising rent: at least 30 days’ advance written notice. Serve by personal delivery or certified mail. Maintain habitability per NMSA §47-8-20. Contact Rio Rancho’s Code Enforcement (3200 Civic Center Cir NE; (505) 891-5000) for housing code enforcement inquiries.

Rio Rancho rent law: frequently asked questions

Does Rio Rancho have rent control in 2026?

No. Rio Rancho and all of New Mexico have no rent control of any kind in 2026. New Mexico has no statewide rent control preemption statute and no New Mexico city has ever enacted any rent stabilization ordinance. The New Mexico Legislature has never granted municipalities the authority to enact residential rent control. Rio Rancho landlords may raise rent by any amount at lease renewal, subject only to lease contract terms and ORRA notice requirements. There is no Rio Rancho rent board, no annual guideline, and no administrative process for residents to challenge rent levels.

Which court handles evictions and disputes in Rio Rancho?

Sandoval County Magistrate Court (1500 Idalia Rd, Bernalillo NM 87004; (505) 867-2376) — NOT Bernalillo County Metropolitan Court. This is the most common jurisdictional error for Rio Rancho landlords. Rio Rancho is in Sandoval County despite being adjacent to Albuquerque (Bernalillo County). Filing in the wrong court will result in dismissal or transfer and significant delays.

What is the security deposit limit in New Mexico for Rio Rancho rentals?

New Mexico caps security deposits at one month’s rent for unfurnished units (NMSA §47-8-18). For a $1,200/month unit, the maximum deposit is $1,200. Return with an itemized statement of deductions within 30 days of tenancy termination plus resident vacating and forwarding address delivery. Wrongful withholding: 2× the withheld amount plus attorney’s fees.

What is the eviction notice period in Rio Rancho for non-payment?

For non-payment, the landlord must serve a written Notice to Pay Rent or Vacate giving the resident at least 3 days to pay in full or vacate. New Mexico’s 3-day notice carries a cure right: if the resident pays within 3 days, the landlord may not proceed with eviction for that event. After 3 days without cure, file in Sandoval County Magistrate Court (1500 Idalia Rd, Bernalillo NM 87004; (505) 867-2376). Self-help eviction is prohibited.

How does Intel Fab 11X employment affect Rio Rancho rents?

Intel (~4,000+ employees; Sandoval County’s largest private employer; back-end assembly and test) is Rio Rancho’s most cyclically sensitive demand anchor. Intel employees earning $70,000–$180,000 generate premium demand in Northern Rio Rancho and Intel-adjacent neighborhoods. However, Intel has undergone two significant layoff rounds in Rio Rancho since 2001 (dot-com bust; 2023–2024 restructuring). Monitor Intel employment announcements as the leading indicator for Northern RR vacancy rates. Because New Mexico has no rent control, Intel employment cycles play out fully in market dynamics with no administrative buffer.

Is Rio Rancho in Bernalillo County or Sandoval County?

Sandoval County. Despite being physically adjacent to Albuquerque (Bernalillo County) and part of the Albuquerque–Rio Rancho MSA, Rio Rancho is entirely within Sandoval County. This means all landlord-tenant disputes (eviction, deposit, small claims) for Rio Rancho properties must be filed in Sandoval County Magistrate Court (1500 Idalia Rd, Bernalillo NM 87004; (505) 867-2376), not Bernalillo County Metropolitan Court. The city of Bernalillo NM (a different city, the Sandoval County seat, population ~10,000) is also in Sandoval County north of Rio Rancho on I-25.

How does Rio Rancho compare to Albuquerque for rents?

Rio Rancho typically offers 15–25% lower rents than comparable Northeast Albuquerque units. NE Albuquerque 2BR: $1,250–$2,500; comparable Rio Rancho 2BR: $1,050–$1,900. The discount reflects the ~25–40 min commute to Albuquerque employment centers and Rio Rancho’s suburban character. Both cities operate under identical NM ORRA: same 1-month deposit cap, same 30-day return, same 3-day cure notice. The key jurisdictional difference: Sandoval County Magistrate Court for Rio Rancho vs. Bernalillo County Metropolitan Court for Albuquerque.

Where do Rio Rancho tenants and landlords go for disputes?

Sandoval County Magistrate Court (1500 Idalia Rd, Bernalillo NM 87004; (505) 867-2376) for eviction, deposit, and small claims. For income-eligible residents: New Mexico Legal Aid, Albuquerque office serving Rio Rancho; (505) 243-7871; newmexicolegalaid.org. Rio Rancho Code Enforcement (3200 Civic Center Cir NE; (505) 891-5000) handles housing code enforcement.

Related RentCeiling resources

• Albuquerque NM rent increase 2026 — New Mexico ORRA (same statute as Rio Rancho); Sandia National Laboratories ~14,000 NM’s largest private employer; Kirtland AFB AFRL; UNM Level I Trauma NCI Cancer Center; Presbyterian Healthcare; ABQ MSA ~980K; 15–25% more expensive than Rio Rancho comparable units; Bernalillo County Metropolitan Court jurisdiction
• Santa Fe NM rent increase 2026 — NM ORRA (same statute); state capital; LANL 35 miles north; STR compression 3,200–3,800 STRs; most expensive NM rental market; Santa Fe County Magistrate Court
• Las Cruces NM rent increase 2026 — NM ORRA (same statute); NMSU land-grant Big 12 ~7,000 employees; White Sands Missile Range 3,200 sq mi; Trinity Site first nuclear detonation 1945; Fort Bliss commuter; Doña Ana County Magistrate Court
• Chandler AZ rent increase 2026 — Arizona Rev. Stat. §33-1329 explicit preemption; Intel Chandler Fab 52/62 ($20B+ CHIPS Act leading-edge); Maricopa County; comparison for Intel-anchor markets
• Omaha NE rent increase 2026 — Nebraska RLTA; no preemption statute (like NM); 1-month deposit cap (same as NM); 7-day cure notice (more tenant-protective than NM’s 3-day); Berkshire; Union Pacific; OFFUTT AFB STRATCOM
• New Mexico ORRA comprehensive guide — full legal analysis of NMSA §§47-8-1 to 47-8-52; all four major NM cities; deposit law; eviction process; 2026 market data
• Compare all jurisdictions — side-by-side caps, notice windows, deposit rules, and overcharge remedies for all covered markets