If you are looking to rent an apartment in the Reno / Sparks area, now is the time to find killer deals. According to a recent story on BusinessWeek.com, the Reno region is #2 on its list of 25 metro areas with the biggest percentage declines in the cost of apartment rentals. In 2009, it dropped 13%, leaving us with average rents of $753 per month and a 7.5% vacancy rate. Joining us in the top five are the Seattle area at #1, third is Las Vegas, Tacoma, WA makes it at #4, and San Jose, CA claims fifth.
Apartment rental deals in Reno, Nevada.
Photo © Stan White
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Apartment rental deals in Reno, Nevada.
Photo © Stan White
Of course, this is mainly due to the economy tanking. It's what happens when an area suffers with high job loss and unemployment. In our case, the situation is exacerbated by the fact that people are actually leaving or moving in together to save money. With two of our main employers (construction and gaming) in the toilet, I wouldn't look for those lost jobs to be back any time soon, if ever. Just to underline that point, I recently saw in the news that Washoe County unemployment has reached 13.5%, an all-time high.
Source: BusinessWeek.com
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