Well, the inventory keeps on multiplying. Not only do we need to keep track of downtown hotel conversions into chic urban abodes, we also need to start counting suburban apartment buildings transforming into, well, suburban condominiums. I can think of three right off the top of my head… and perhaps those out in the Reno Blogsphere know of others:
Wood Chase Condominiums, Southeast Reno, starting in the low $100’s
Silver Creek, Northwest Suburban Reno, starting in the high $150’s
The Resort at Tanamera, South Meadows, starting in the low $200’s
Such conversions are taking rental inventory off the market, contributing to our current low vacancy rate at 5%. Rents are also starting to rise, up 4.7% in Q1 2006 as compared to the same time last year. Rising rents will further contribute to our growing affordability problem… I guess for some this will mean taking on roommates and/or doubling up with other families.
Ronnie Salyards
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