Home Buying in Reno>Question Details

clrmiller, Home Buyer in Reno, NV

One, has the rental market improved in Reno? Would love to purchase an investment SFH. ,

Asked by clrmiller, Reno, NV Mon Oct 22, 2012

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Hate to spoil your party but rents have and continue to drop. If and when jobs and Californians return we may have some stabilization. Vacancies up and rent rates are down. With that said if
Market is down 60% and rents only down 15% it pencils wonderfully. Come out to the Reno investment club one day. We stay ahead of the market or follow me on you tube or Google us.
1 vote Thank Flag Link Mon Oct 22, 2012
It's a great time to purchase a rental property. It simply makes sense! The interest rates and prices are low so you should be able to purchase without a negative cash flow. Never been a better time to buy a rental but there is plenty of competition on the good properties with nearly every property getting multiple offers.
0 votes Thank Flag Link Sun Feb 10, 2013
Rents are softer, but vacancy rates in my company are in the low single digits. Is it a good time to buy a rental? Yes, for the right property at the right price, it's always the right time. We are not having much trouble renting in the winter or holidays either- demand is strong.
0 votes Thank Flag Link Wed Nov 28, 2012
We've been in the property management business for 27 years and we manage over 700 residential properties. We track vacancies on a weekly basis and even though we are in a slower leasing time as we go through the holidays, we are at a 5.5% vacancy. The strongest rentals are single family homes. The weakest are condos and smaller 1br ad 2 br properties. We have been successful pushing rental increases as we went through the summer this year and have maintained 5 to 7% vacancy rates. One difference may be the advertising that we do to drive our rentals. We spend about $8,000 per month on advertising to bring in clients which may contribute to our lower vacancy rate. I think the only time which was better to buy an investment property was during the last twelve months. Other than that, it's a great time to buy an investment property.
0 votes Thank Flag Link Mon Nov 26, 2012
I have lived in the reno/Sparks area for 30 years and have been a Realtor and Property Manager for 17 years. I work with investors as their Buyer's Agent or if they already have one as a Property Manager. I often give my clients and potential clients my professional opinion of a subject property before it is purchased. The rental market is still pretty strong for SFH's in this area. Rents are down a little since last year and it does get a little more difficult to rent houses during the winter months as well. The housing prices are good and with the right property you can really see a good return.
0 votes Thank Flag Link Mon Oct 22, 2012
I work with Reno Rental Finders as a licensed real estate salesperson which is affiliated with Collins and Associates. At RRF we connect Landlords with Tenants and I can tell you that we are very busy trying to place tenants in a number of vacant properties. Rents are soft, but there are still good investment opportunities out there if you do your homework and have realistic expectations. So it can still be a good time to invest if you can find the right property for the right price.
0 votes Thank Flag Link Mon Oct 22, 2012
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