Northern Nevada's Rental Market Sees Tightening Vacancy Rates Amid Ongoing Construction

The latest quarterly report from Johnson Perkins Griffin Real Estate Appraisers and Consultants highlights a tightening rental market in Northern Nevada, with vacancy rates decreasing by 2.66%, or 50 basis points. While studio apartments experienced a slight uptick in vacancies, all other unit types saw reductions, indicating a robust demand for rental housing in the region.​

Despite the low vacancy rates, the Reno-Sparks area is witnessing significant construction activity. Over 1,300 apartment units are currently under construction, with plans for an additional 4,400 units. However, analysts note that these new developments are taking longer to reach stabilization, defined as achieving a 90% occupancy rate.​

Rental prices have also seen a modest increase, rising from an average of $1,650 to $1,680, marking a 1.51% uptick. Given the current economic climate and anticipated increases in construction costs, real estate experts advise prospective renters and buyers to act sooner rather than later.​

For more detailed insights, the full report will be available on the Johnson Perkins Griffin website soon.​

Source: KOLO TV News