A recently released quarterly rent report by the Johnson Perkins Griffin real estate appraisers group indicates local apartment vacancies ended last year at 3.16%, the highest it’s been since fall 2022, indicating ongoing local stabilization in terms of rent costs.
Average rental prices were at $1,656 in the Reno Sparks area, $12 less than the third quarter last year, but nearly twice the average rent in this area a decade ago, with much of the rise happening up until early 2021, with numbers not budging too much since.
In a more competitive market with lots of construction still taking place, new apartment communities are now offering concessions, such as eight weeks of initial free rent.
According to this study, the most expensive area for large apartment complexes with 80 units or more is in the Lakeridge area with a $1,781 average, while the cheapest location overall is in the Brinkby/Grove area at $1,277. Northeast Reno and West Sparks/North Valleys are also on the low end at below $1,500 averages, while Northwest Reno, Southeast Reno and East Sparks are all on the high end, above $1,700.