Most expensive, cheapest places to rent an apartment in Reno
The rising cost of housing in the last few years is making home ownership a tough proposition for Reno home buyers. We look at what’s fueling the Biggest Little City’s housing crisis and potential options for people looking for a new place to call home
In case you haven’t heard, Reno is in the midst of a housing crunch.
In addition to surging median prices for a single-family house, the Biggest Little City is also experiencing skyrocketing apartment rates, with Reno posting the fourth-highest spike in average rent in the U.S. at the end of 2017.
If you’re looking to rent an apartment in Reno’s hot real estate environment, then you might be wondering which neighborhoods have the highest rents as well as the tightest vacancies. On that note, here are two rankings of Reno-Sparks’ various submarkets for apartments using data from real estate appraisal and consulting firm Johnson Perkins Griffin. These rankings show figures from the third quarter of 2017 and will be updated as new data becomes available.
The first list ranks average apartment rent from the highest to lowest. The second list shows a ranking of apartment vacancies from lowest to highest to give you an idea of where apartment openings are tightest.
East Sparks posted the highest rent thanks to the growth seen at the Tahoe Reno Industrial Center, which is home to facilities such as the Tesla and Panasonic Gigafactory. Unsurprisingly, cheaper neighborhoods such as Grove and the area around the Reno-Tahoe International Airport have the fewest vacant apartments available for rent.
Average rent rankings (from highest to lowest)
- East Sparks: $1,406
- Downtown Urban (Reno and Sparks): $1,371
- Lakeridge: $1,369
- Northwest Reno: $1,298
- Southeast Reno: $1,186
- Southwest Reno: $1,117
- West Reno: $1,081
- West Sparks and North Valleys: $1,064
- Northeast Reno: $1,056
- Airport: $930
- Brinkby/Grove: $855
Average apartment vacancies (from lowest to highest)
- Brinkby/Grove: 0.41 percent
- Airport: 0.54 percent
- Northeast Reno: 0.99 percent
- West Reno: 1.33 percent
- Northwest Reno: 1.76 percent
- Southeast Reno: 1.85 percent
- West Sparks and North Valleys: 2.01 percent
- Downtown Urban (Reno and Sparks): 2.90 percent
- Southwest Reno: 3.44 percent
- Lakeridge: 3.59 percent
- East Sparks: 4.96 percent
* A 5 percent vacancy is typically considered a balanced market
Areas covered by each submarket
- Northwest Reno: North of Truckee River and West of N. Virginia St.
- Northeast Reno: North of Second St., west of US-395 and Northtowne Lane, east
- of N. Virginia St.
- West Sparks/North Valleys: North of the Truckee River, west of Pyramid Way, east of
- East Sparks: North of the Truckee River and east of Pyramid Way.
- West Reno: North of Moana Lane, west of Plumas St., south of Truckee River.
- Southwest Reno: South of Truckee River, west of S. Virginia St., east of Plumas St., north of Redfield Parkway.
- Brinkby/Grove: North of Moana Lane, west of S. Virginia St., south of Brinkby Ave., east of Lakeside Dr. & north of Linden St., west of Kietzke Lane, south of Plumb Lane, east of S.Virginia St.
- Airport: North of Peckham Lane, west of Longley Lane, east of S. Virginia St., south of 2nd St. and Truckee River.
- Lakeridge: South of Moana Lane and Redfield Parkway, west of S. Virginia St.
- Southeast Reno: South of Truckee River, east of S. Virginia St.and Longley Lane.
- Downtown Urban: Downtown Reno and Downtown Sparks.
Source: Johnson Perkins Griffin