What is the strength of the rental market in Nevada (Washoe County)?

Asked by Rodney Runolfson, 92673 Thu Sep 27, 2007

I am interested in the average rental rates for apartments vs. SFR, and the overall strength of rental properties. Is the downturn in real estate values forcing sales/foreclosures and requiring prior owners to now rent?

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John Graham, Agent, Reno, NV
Thu Jan 24, 2008
Overall rental occupancy rates have declined from approximately 89% to around 83% in the Reno area. This includes apartments and single family homes. Some single family homes that have not sold in the past 9 to 12 months are entering the rental market with the hope of acheiving some cash flow for 12 to 24 months and then hoping that the re-sale market will be stronger in 2009 & beyond. The increase in single family homes for rent may be part of the cause for the declining rental occupancy rates.
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Joshua Talay…, Agent, Reno, NV
Thu Dec 13, 2007
The rental market in Nevada (and i assume in most parts of the country) is on the rise. Not only are prior home owners being forced to now rent due to the fact that they know longer have the credit or ability to purchase new homes after going through a foreclosure or long periods of no payment on their mortgage. Also, now that the sub prime mortgage brokers are no longer around, potential new buyers don't have an option to purchase. Many of the buyers in the past were only able to afford the low payments that came along with the interest only and other ARMs. This has led many of these potential buyers to either purchase more affordable housing with a fixed rate loan (such as condominiums or town homes) or they simply continue to rent. If you are considering investing in Real Estate, whether it be a long term rental or a short term flip, i recommend reading one of my blog post at http://www.sellingnorthernnv.com/2007/05/have-plan-to-often-…
0 votes
Eric Crosby, Agent, Reno, NV
Fri Dec 7, 2007
The answer is simple. The rental market is sure to go up, as these foreclosures will force those to rent. Prior to the current conditions, rents were way down from the purchase prices, so investments were tough.
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