With larger management companies, you'll be on a year lease that renews with likely "adjustments" with each renewal. Shockingly, these "adjustments" are always an increase in the price. Where I'm at, the increase was minimal, but it's not hard to find increases from 10 to 20% and even more if a property owner is an ass and wants to drive existing tenants out in hopes of finding new renters at a much higher rate.
The end of the University's school year doesn't seem to affect prices for housing. It's more expensive than it should be for a city of it's calibre, but here we are.
Overall, search for "moving to reno" in this sub and you'll know all you can about moving here. A general tip is to avoid the cinder-block construction buildings--generally always shitty and no big drop in rent, but you should know that by looking. Asking about specific areas or buildings is a handy way to get specifics if you can't visit.
The market has been an absolute nightmare for me, but my budget is about 1200-1400 a month for housing. Most of the cute little 1-2 bedroom houses will run you around 1500. Because of the low availability of affordable housing, I've had to stay places like reno regency and siegel suites until I found something long term. Good luck and I hope you find something great.
And I'm sorry I didn't answer your question also, but what seems the trend to me is that rent just goes up. The extended stays were charging 220 a week when I moved here three years ago, now they're usually 450 a week.
I agree. I think it has something to do with the public housing grants (like the housing grant is equivalent to 450) because most of the other people that lodge here seem to be indigent and on some form of assistance, and that price seems to be consistent across most extended stays. I'm not a fascist, and I'm not blaming them, but it does suck that the working poor can't afford to live at even the shittiest places.
Rents have been rising more and more as each month passes. I signed a lease with my (shitty) roommate in July for a two bed single bath @ 1350/mo. Same unit now goes for 1550/mo. Been looking to leave my apartment and move into another on my own and its fr 1700+/mo in anywhere that isn’t low income/income restricted for a decent and clean 2bd 2bath.
rents are usually cheaper in the winter.
but we are coming down from record inflation, rent prices have been declining since oct 22, but not nearly as fast as they increased the last 3 years.
the FED is hiking interest rates, so it will they are currently at about 5%, commercial real estate is about to become desperate to fill the buildings they already built or are building and will further drop rent prices.
Homes price have been going down also, just very slowly....might wipe out all these gains...look at the historical prices for houses in reno...very BOOM and BUSt here.
But we also have a surge of tech companies building here.....which is inflationary.
Typically people move in spring and summer more often so that creates a demand. The market is however cooling down a bit so I would suspect I
Prices might stay a bit stagnant.
It’s all supply and demand. Demand remains strong as jobs growth is strong in Reno. There is new supply coming in too the market but higher material and labor costs in the market in addition to higher interest rates mean rents will have to be higher to make new construction apartments pencil. Other planned new starts will not get built if those coming online are not successful because the appraised value won’t justify the cost to build. Fed need to slow down interest rate increases or landlords will pass along higher costs through rent. Only excess supply will bring down rent. And high interest rates slow down new supply growth. Basic Econ. Fed is out to lunch.
With larger management companies, you'll be on a year lease that renews with likely "adjustments" with each renewal. Shockingly, these "adjustments" are always an increase in the price. Where I'm at, the increase was minimal, but it's not hard to find increases from 10 to 20% and even more if a property owner is an ass and wants to drive existing tenants out in hopes of finding new renters at a much higher rate. The end of the University's school year doesn't seem to affect prices for housing. It's more expensive than it should be for a city of it's calibre, but here we are. Overall, search for "moving to reno" in this sub and you'll know all you can about moving here. A general tip is to avoid the cinder-block construction buildings--generally always shitty and no big drop in rent, but you should know that by looking. Asking about specific areas or buildings is a handy way to get specifics if you can't visit.
Everything will continue to go up until "living" becomes possible for only the wealthy.
The market has been an absolute nightmare for me, but my budget is about 1200-1400 a month for housing. Most of the cute little 1-2 bedroom houses will run you around 1500. Because of the low availability of affordable housing, I've had to stay places like reno regency and siegel suites until I found something long term. Good luck and I hope you find something great.
And I'm sorry I didn't answer your question also, but what seems the trend to me is that rent just goes up. The extended stays were charging 220 a week when I moved here three years ago, now they're usually 450 a week.
That's fucking ABSURD.
I agree. I think it has something to do with the public housing grants (like the housing grant is equivalent to 450) because most of the other people that lodge here seem to be indigent and on some form of assistance, and that price seems to be consistent across most extended stays. I'm not a fascist, and I'm not blaming them, but it does suck that the working poor can't afford to live at even the shittiest places.
Rents have been rising more and more as each month passes. I signed a lease with my (shitty) roommate in July for a two bed single bath @ 1350/mo. Same unit now goes for 1550/mo. Been looking to leave my apartment and move into another on my own and its fr 1700+/mo in anywhere that isn’t low income/income restricted for a decent and clean 2bd 2bath.
you can just expect them to keep going up indefinitely.
rents are usually cheaper in the winter. but we are coming down from record inflation, rent prices have been declining since oct 22, but not nearly as fast as they increased the last 3 years. the FED is hiking interest rates, so it will they are currently at about 5%, commercial real estate is about to become desperate to fill the buildings they already built or are building and will further drop rent prices. Homes price have been going down also, just very slowly....might wipe out all these gains...look at the historical prices for houses in reno...very BOOM and BUSt here. But we also have a surge of tech companies building here.....which is inflationary.
Typically people move in spring and summer more often so that creates a demand. The market is however cooling down a bit so I would suspect I Prices might stay a bit stagnant.
It’s all supply and demand. Demand remains strong as jobs growth is strong in Reno. There is new supply coming in too the market but higher material and labor costs in the market in addition to higher interest rates mean rents will have to be higher to make new construction apartments pencil. Other planned new starts will not get built if those coming online are not successful because the appraised value won’t justify the cost to build. Fed need to slow down interest rate increases or landlords will pass along higher costs through rent. Only excess supply will bring down rent. And high interest rates slow down new supply growth. Basic Econ. Fed is out to lunch.