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A regular in the Top 10 Fastest Growing Rents, Reno has snatched the 4th place nationally for the third consecutive month with the biggest increase so far: an impressive 12.4% jump year-over-year.
And things are not looking up for renters - with less than 600 new rental units scheduled for completion this year, supply will have a hard time meeting the rising demand of a strong employment sector and a growing population.
In the second quarter of 2017, the average rent in the greater Reno-Sparks metro area hit $1,194, according to the latest multifamily report from Johnson Perkins Griffin. Vacancies, meanwhile, fell all the way down to 1.17 percent. Both are all-time records for an area that has been among the top metros in the country for increasing rents in several national lists.
"The average rent and current vacancy rates we're seeing are historical," said Scott Griffin, a principal and co-founder of real estate appraisal and consulting firm Johnson Perkins Griffin.
Traditionally, Northwest and Southwest Reno have been the area leaders for rent growth - posted the highest average rent in the second quarter among all submarkets at $1,475. That represents a year-over-year jump of more than 25 percent compared to 16 percent for the overall Reno-Sparks market.
For the last few years, East Sparks has been the strongest submarket. You have newer properties with nice amenities but it's also closest to the Gigafactory (among Reno-Sparks apartment submarkets) so it's a bit of a no-brainer.
EDAWN has been forecasting growth of 55,000 jobs from 2013 to 2019 for the region.
From restaurants and construction workers to mom-and-pop operations and big companies, economic growth is something that Reno-Sparks thrives on. At the same time, it puts pressure on infrastructure.
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