Reno area rents reach highest level ever

The latest multi-family report from CBRE shows area rents have reached their highest average rental rate in history. See REGION ACHIEVES ITS HIGHEST HISTORICAL AVERAGE RENTAL RATE IN LIGHT OF IMPROVING FUNDAMENTALS AND INCREASED DEMAND

As can be seen in the infographic above the average monthly apartment rent is $942/month.

Summary from the CBRE 3rd-quarter report:

“Buoyed by continued strong job growth, high rents and low vacancies, the Reno/Sparks apartment market will continue to tighten up well into 2016. Delivery of new construction will affect both rents and vacancy rates somewhat, but will be offset by strong in migration of the new workforce.”