New construction just can't keep up with the population. If you're looking for an apartment in Reno-Sparks, get ready to pay up. The price of rent is climbing ever higher. Apartments in town, sad to say, are not getting any cheaper during the pandemic. They're just, as they say, “not building them fast enough.”
Johnson Perkins Griffin Real Estate Appraisers & Consultants in Reno does a rent survey of 97 apartment complexes 4 times a year. Apartment rents went up again, in just 3 months’ time in the 2nd quarter of 2020 to an average $1,369 dollars a month. The prices range from studios averaging $915 to 3-bedrooms at $1,795. Reno rents have almost doubled over the past 10 years.
Monica Cochran, Manager of the City of Reno Housing and Neighborhood Development told me, "Right now there's definitely a gap in affordable housing units. Because of that gap, obviously there aren't enough units for those that fall into some income ranges."
Gone are those signs advertising free month apartment specials thanks to bad ol' supply and demand, pricing so many out of renting a place to live. But the City of Reno, with federal funding, can get you into a nice place for as little as $846 a month. Cochran says "Each year we put some of our home funds that we get from Housing and Urban Development into construction of affordable housing units, to increase those units in the area."
The City of Reno built 330 affordable units over the last 2 years. There are 4 new apartment complexes, like Alpine Haven on Oddie Boulevard near Sullivan. 10 others are under construction or rehabilitation, including 152 units at Citi-Vista Senior Living Apartments on Record Street.
But you have to qualify. For Alpine Haven and Citi-Vista, you have to meet the area income limit of 60% or below. For a single person, that's a salary below $33,480 a year. A couple? $38,220. For a family of 4, the income limit is 47,760. There are other apartments set aside for even lower incomes, as low as $16,740 for a single.
For all those folks, Monica says the Reno Rental Assistance Program works: "I've seen a lot of happy faces when these people come in and look at these units. They're very, very nice."
If you’re interested and you qualify, there’s much more on the city’s website. We have a link to the Reno Rental Assistance Program below. Click "Housing (Rental Assistance)" near the bottom of this webpage:
