Rents in Nevada have been climbing for a long time now. And yet, it’s getting even worse in Reno.
A new report by rental listing site Rent.com says average rents in Reno have gone up in some neighborhoods by 15 percent in just the last year. The numbers come from properties listed on the site, which tend to be multi-family developments and apartment buildings.
Where are rents in the Biggest Little City climbing the fastest? And where can you live in Reno for a good price?
Brian Carberry is Managing Editor of Rent.com. He said rent went up at the highest percentage in the Skyline Boulevard area of the city. It jumped 15 percent.
However, rents there moved up by the same dollar amount as downtown Reno rents but because rents are higher downtown the percentage was more.
Other neighborhoods seeing an increase are Double R Boulevard, Stead, and Mae Anne Avenue,
Skyline Boulevard is close to the midtown of Reno where a lot of gentrification is going. Carberry said it is common to see rents rise in those sections of the city.
“Renters are looking for neighborhoods that are becoming more desirable and affordable and a lot of these areas that maybe 10 -15 years ago renters would avoid are now becoming more desirable options,” he said.
The forces behind the rise in rents are the same as those that drive prices in every industry, he said.
“A lot of it has to do with supply and demand. If there is demand in an area, landlords and property managers can ask for more because they have a greater chance that a renter is going take it because there’s just low [supply] they need a place to live,” Carberry said.
And Reno is far from being alone in rising rents. Carberry said the majority of American cities are seeing rents go up.
“Reno is nowhere near the top of the increases that we’re seeing. Newark, New Jersey for instance for one-bedroom prices, rent went up 40 percent over the past year,” he said.
Carberry recommended that people looking to rent an apartment do their research and be prepared to compromise on amenities, location or newness of the building to shave off hundreds of dollars from their monthly rent.
Brian Carberry, managing editor, Rent.com