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.
| 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
pixiedust
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?