|
While Reno is still one of the more affordable cities, rents have increased much faster than the rest of the nation.
As rents have increased in Reno, many comparable cities nationwide have seen rents grow more modestly, or in some cases, even decline. Reno is still more affordable than most similar cities across the country.
Seven years ago, the average apartment rental rate in the Reno area was $836.
Reno's median rent of $1,243 is below the national average of $1,430. Nationwide, rents have grown by 3.2 percent over the past year.
Renters will find more reasonable prices in Reno than most large cities. Comparably, San Francisco has a median rent of $3,619, which is nearly triple the price in Reno.
Although several projects are under construction, supply within the major apartment projects in the Reno area is expected to remain extremely tight over the coming year.
Vacancies are expected to remain very low. Rental rates should continue to show increases.
|
