RENO, Nev. (AP) — Those renting an apartment in the Reno area are paying more than ever before as the average monthly rent reached a record high.
The Reno Gazette-Journal reports that data from the commercial real estate services company CBRE shows the average monthly rent in Truckee Meadows' multi-family housing market was $920 in the second quarter, up from $889 in January to March.
The report shows that rising demand in the area has lowered some apartment vacancy rates to as low as 0.44 percent, with the overall Reno-Sparks vacancy rate from April to Jun falling to 2.27 percent.
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CBRE officials say housing demands in the area are rising thanks to the more than 50,000 new jobs and 60,000 new residents projected by 2020.