Apartment vacancy rates, rents improve

Three times in as many days I’ve been asked about the rental market in Reno, so it was very timely that the RGJ reported on the most recent Johnson-Perkins Apartment Survey results; see Reno-Sparks apartment vacancies stabilize in third quarter.

According to the report, Reno-Sparks apartment vacancy rates fell to 9.08% in the third quarter (down from 10.93% for Q2), the first such decrease since mid-2008.

Additionally, rent rates improved for the same period from $844 (Q2) to $857 (Q3), according to the report.

Local Apartment Vacancy Rates, Rents
Area Vacancy Rent
Northwest Reno 8.63% $961
Northeast Reno 16.07% $667
West Sparks/North Valleys 8.53% $749
East Sparks 7.31% $942
West Reno 12.44% $748
Southwest Reno 10.24% $717
Brinkby/Grove 8.85% $671
Airport 10.36% $744
Lakeridge 5.52% $1,011
Southeast Reno 10.05% $878

Source: Johnson-Perkins Apartment Survey

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About Guy Johnson

I am a licensed Nevada REALTOR® living and working in Reno, Nevada. Give me a call at 775-722-4011. My team and I will be happy to assist you with your real estate needs.
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One Response to Apartment vacancy rates, rents improve

  1. Avatar pixiedust says:

    I was in Vacaville last week and I ended up driving a friend around while he looked for a place to rent. I was shocked by the rental prices-In Vacaville an older 1 bdrm 700 sq ft. apt rents for $800 which is about $40 more than the same apt. rented for in 2004, a small home (1100 sq ft) rents for $1300 and the realtor said that it will rent quickly at that price. But, my son’s house that he paid $329,000 for in 2004 is now worth approximately $280,000 and there doesn’t seem to be any local comps that would indicate that the value of his home will improve in the near future. Is that unique to Northern California? Maybe the large # of section 8 vouchers in that area supports the rental market?

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