Apartment List reports rents in Reno continue to rise sharply
June 30, 2017
The July 2017 Reno Rent Report released Thursday by Apartment List, shows rents in the biggest little city have increased 0.7 percent over the past month and are up sharply by 8.1 percent in comparison to the same time last year.
Currently, median rents in Reno stand at $860 for a one-bedroom apartment and $1,120 for a two-bedroom. This is the fifth straight month that the city has seen rent increases after a decline in January. Reno’s year-over-year rent growth leads the state average of 4.6 percent, as well as the national average of 2.9 percent.
As rents have increased in Reno, a few comparable cities nationwide have seen rents grow more modestly, or in some cases, even decline. Reno is still more affordable than most similar cities across the country.
- Reno’s median two-bedroom rent of $1,120 is below the national average of $1,150. Nationwide, rents have grown by 2.9% over the past year.
- While Reno’s rents rose over the past year, some cities nationwide saw decreases, including Miami (-1.1%) and San Francisco (-0.6%).
- Renters will find more reasonable prices in Reno than most comparable cities. Comparably, San Francisco has a median 2BR rent of $3,040, which is more than two-and-a-half times the price in Reno.
Apartment List is committed to making our rent estimates the best and most accurate available. To do this, we start with reliable median rent statistics from the Census Bureau, then extrapolate them forward to the current month using a growth rate calculated from our listing data. In doing so, we use a same-unit analysis similar to Case-Shiller's approach, comparing only units that are available across both time periods to provide an accurate picture of rent growth in cities across the country.
Our approach corrects for the sample bias inherent in other private sources, producing results that are much closer to statistics published by the Census Bureau and HUD. Our methodology also allows us to construct a picture of rent growth over an extended period of time, with estimates that are updated each month.
Apartment List publishes monthly reports on rental trends for hundreds of cities across the U.S.
The company recently revised its methodology to improve the accuracy and reliability of the data and avoid the tendency of such reports to be skewed to luxury apartment. Read more about the company’s methodology here.