Average Apartment Rents In Reno And Sparks Spike
The overall average rent for apartments in the Reno/Sparks area now sits above $1,300. Our contributor Kaleb Roedel of the Northern Nevada Business View reports.
Six years ago, the average apartment rental rate across the region was $836. Now, for the second quarter of 2018 average rents in Greater Reno-Sparks were $1,318 a month.
That's a 58 percent increase, according to Johnson Perkins Griffin Real Estate Appraisers & Consultants.
Apartment rents continue to escalate due to incredibly low vacancy, which is at about 1 and a half percent overall.
There currently are more than 3,000 apartment units under construction in the region, with twice as many new doors waiting in the wings.
Read more at Northern Nevada Business View.