Apartment rents in Reno-Sparks hit new high

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RENO, Nev. (AP) — Those renting an apartment in the Reno area are paying more than ever before as the average monthly rent reached a record high.

The Reno Gazette-Journal reports (http://on.rgj.com/1TR89p0 ) that data from the commercial real estate services company CBRE shows the average monthly rent in Truckee Meadows' multi-family housing market was $920 in the second quarter, up from $889 in January to March.

The report shows that rising demand in the area has lowered some apartment vacancy rates to as low as 0.44 percent, with the overall Reno-Sparks vacancy rate from April to Jun falling to 2.27 percent.

CBRE officials say housing demands in the area are rising thanks to the more than 50,000 new jobs and 60,000 new residents projected by 2020.

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Information from: Reno Gazette-Journal, http://www.rgj.com