A Regional Housing Study, recently presented to the Reno City Council not only looks at the industry around the region and how to grow while keeping prices down.
According to Apartmentlist.com the median rent in Reno has increased by 4.1% year over year. Zillow says that home values in Reno have increased by 12.9% since last year. The Truckee Meadows Regional Planning Agency's housing study found that the cost of home ownership is up 60% while income is up just 17% over the last 20 years. That study also looks at scenarios for growth over the next 20 years, one of which would lower prices.
"We think one way we can address that is with more choice in the market. More different products for workforce housing," says Jeremy Smith with TMRPA. He says with more "infill" and redevelopment, there will be lower prices and less burden on local governments. "A more compact pattern," says Smith, "More units inside the McCarran ring. But also more high density types, like triplexes or apartment buildings."
The study looks at the Classic Scenario and the McCarran Scenario through 2035. The classic would mean more single-family houses spread across the Truckee Meadows with more development near Damonte Ranch, Verdi and Red Rock. Coincidentally, those areas are also identified in the study as places that would be underserved when it comes to utilities and infrastructure. The more compact, second scenario, would add more units in already developed areas. The density would provide cheaper housing (more supply with lower transportation costs) which would help the recovering workforce and according to the study save up to $780 million dollars in capital costs. "We can have a potential savings for regional services if we build more compactly and then that money can be used for other investments," says Smith.
Among other ideas, the plan recommends that the City of Reno look to change regulations that inhibit infill and redevelopment and even create a competitive grant fund to take some risk off of developers.
"A grant process is probably a fantastic way to do that," says Reno Mayor Hillary Schieve, "But there are other things we need, the city really needs to stay on top of, like permitting, infrastructure, services."
