Reno has 3rd fastest rise in U.S. apartment rent
The Biggest Little City ranked in the top three of U.S. cities that saw the highest increase in apartment rents in the last month, a new report found. Reno ranked third for the highest percentage increase in apartment rents from January to February this year, according to a report by apartment search company Abodo.
The cost of a one-bedroom apartment in Reno rose to $749, an increase of 12.3 percent.
Reno's rising rental cost is matching a trend seen in many cities nationwide related to home affordability - or the lack thereof, said Michael Taus, vice president of growth for Abodo.
"Young adults either can't afford to buy a home or they don't want to be bothered with the hassle of owning one," Taus said. "This has led to more demand for rentals and an increase in price."
Nevada also was recently mentioned as one of the top 10 cities for movers, ranking seventh nationwide in a survey by national moving company United Van Lines. The ranking was fueled by job-related moves as well as retirement.
Reno, for example, is a popular destination for California retirees. Such retirees often can sell their home in California and buy a new house in Reno for cash at a lower price with plenty of leftover money to spare.
The recession also impacted new apartment construction. Low apartment inventory is contributing to rising rents nationwide as various areas get more distance from the mortgage-fueled housing crash, including Reno, according to Abodo.
"Some industry experts have suggested that landlords are feeling pressured because of increased demand for units while inventory is low," Taus said. " It makes sense for landlords to continue to raise pricing on their rental units, especially in markets with tighter inventory."
Best Regards, Kelly