RENO – Apartment rents are leveling off in the Reno-Sparks area, thanks largely to the increasing number of units being built. So says a report released this week by the Nevada State Apartment Association (NVSAA).
The report, issued by the NVSAA based on data provided by CoStar, shows the average asking rent for apartments in the Reno-Sparks metro area at the end of 2019 was $1,240 per month. That was up 1.4 percent from one year ago. That’s well off the pace from 2016-2018, when local apartment rents increased by an average of 8% per year, posting some of the nation’s biggest gains.
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