Why Invest in Reno Real Estate?
As the third largest city in Nevada (the largest outside of the Las Vegas Valley), Reno has been nicknamed the Biggest Little City in the World. Reno is located in Northern Nevada and is one of the top 10 sunniest cities in the nation, with the Reno Tahoe area experiencing 300 sunny days per year on average. Its population of about 250,000 residents live in an area that is around 106 square miles. It’s a commuter city, with about 95% of the population commuting by car.
Major corporations like Google, Amazon, and Tesla have opened (or are in the process of constructing) large facilities in the area, contributing to the 6% job growth the Reno metropolitan area has experienced over the past year (09/2018 to 09/2019). Nevada’s labor market as a whole is on the rise, growing 3.2% during the same period.
The Washoe County School District, the second largest school district in the state, serves about 64,000 students enrolled in over 95 schools in Reno and its surrounding areas. Reno offers an abundance of big-city entertainment in a small-town environment, as well as numerous outdoor activities nearby, including Lake Tahoe less than an hour away. One of Reno’s most popular events is The Great Reno Balloon Race, where about 100 hot air balloons fill the sky for four days each September. For winter enthusiasts, the Reno Tahoe area has the highest concentration of ski resorts in North America.
Reno Rental Real Estate Market Highlights
- Median home value is $370,600, which is higher than the national average of $229,600
- Median home prices reached an all-time high at over $420,000 (June 2019)
- 64% of Reno residents are homeowners
- Reno’s unemployment rate is 3.3%, which is 0.3% lower than the national average.
- According to Zillow, Home values in Reno have increased 3% in the past year, and are forecasted to increase 1% within the next year Housing prices have increased 4% year-over-year (September 2018 to September 2019), compared to a national 5.9% increase during the same period
- The demand for affordable housing in Reno outweighs the supply; median household income is around $46,500, while a household would need an annual income of more than $80,000 to secure a median home. In response, Reno greenlit an initiative to build 1,000 new homes in 120 days (October 2019)
Northwest Reno Rental Real Estate Market Highlights
The Northwest region includes some of the most diverse neighborhoods in Reno. The University of Nevada, Reno serves 22,000 students, and is known for being a top research university, especially in its College of Engineering.
The North Valleys to the east of Peavine Mountain contain many smaller communities, including Lemmon Valley, Golden Valley, Panther Valley, and more. Many of the homes with larger lots house horses on the properties. Other popular neighborhoods for families include the rural community of Mogul, which was rated the No. 1 place to raise a family in the Reno area by Niche.
Northeast Reno Rental Real Estate Market Highlights
Spanish Springs is a rural community in Northeast Reno, with above average schools and a median home value of just over $300,000. Homes in Northeast Reno are about 10% more expensive than the Reno average.
Central Reno Rental Real Estate Market Highlights
Downtown Reno is home to about 20 casinos, which together bring in over $570 million in gaming revenue each year. Besides offering 24/7 access to entertainment and gambling, the downtown area is affordable for renters; a two-bedroom is $1,200 on average.
Southwest Reno Rental Real Estate Market Highlights
Old Southwest Reno was considered a hot spot in Reno’s early years and still contains many well-preserved historic homes, which are priced slightly higher than Reno’s average. Midtown is a diverse neighborhood offering a great mix of retail, restaurants, and culture. Many older homes are now used as businesses in the area, but there are still affordable options for single-family homes. Idlewild Park is a major go-to for Southwest Reno residents, offering something for everyone: a public pool, skate park, sports fields, and expansive grass areas.
South Meadows and Double Diamond neighborhoods feature larger stucco-style homes, which On the way to Mount Rose, in Montreux, find the only Jack Nicklaus–designed signature golf course in Nevada, which is a stop on the PGA tour as a host for the Barracuda Championship.
Southeast Reno Rental Real Estate Market Highlights
If you’re looking for a quieter neighborhood than the vibrant downtown area, Donner Springs is a residential area right on the edge of downtown with close access to major freeways. Meadowood and Smithridge also attract families interested in a more suburban environment, offering various amenities such as good schools, parks, and nearby restaurants and retail shops.
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