# Reno Nevada Residential Rent and Rental Statistics

The **median monthly gross residential rent in Reno, NV (the Reno-Sparks metro area) was $920 in 2015** according to the Census ACS survey.^{1} **Average gross rent in Reno was $952 in 2015**. The median rent more accurately depicts rental rates in the middle of the distribution of rents and is thus preferred in the analysis below. 2016 Reno median and average rent data will be released in September of 2017.

Data is also available below for Reno rental vacancy rates, Reno rent as a percent of median income and the fraction of renters in Reno.

### Real Gross Rent in Reno Nevada (2015 dollars)^{2}

2015 | 1 Year Change | 3 Year Change | |
---|---|---|---|

US Median Gross Rent | $959 | +3.12% | +8.24% |

Nevada Median Gross Rent | $980 | +3.16% | +3.48% |

Reno, NV Median Gross Rent | $920 | +5.14% | +5.50% |

## Reno, NV Real Gross Rent Trends

Median gross rent for Reno peaked in real terms in 2008 at $1,031 and is now $111 (10.77%) lower. From a recent low of 864.0 in 2013, real median gross rent has now increased by $56 (6.48%). Average gross rent for Reno peaked in real terms in 2008 at $1,128 and is now $176 (15.60%) lower. From a recent low of 930.0 in 2012, real average gross rent has now increased by $22 (2.37%).

### Real Gross Rent in Reno: Reno NV Median, Reno NV Average, Nevada Median, US Median

## Real Gross Rent History for Reno

Date | US Median |
Nevada Median |
Reno, NV Median |
Reno, NV Average |
---|---|---|---|---|

2015 | $959 | $980 | $920 | $952 |

2014 | $930 | $950 | $875 | $957 |

2013 | $898 | $945 | $864 | $937 |

2012 | $886 | $947 | $872 | $930 |

2011 | $887 | $953 | $884 | $950 |

2010 | $901 | $1,003 | $920 | $971 |

2009 | $905 | $1,067 | $967 | $1,020 |

2008 | $920 | $1,129 | $1,031 | $1,128 |

2007 | $874 | $1,085 | $966 | $1,031 |

2006 | $883 | $1,061 | $976 | $1,009 |

2005 | $858 | $1,015 | $970 | $1,001 |

## Reno Rental Vacancy Rate

The rental vacancy rate is the fraction of homes for rent that are not occupied.^{3} **In 2015 the rental vacancy rate for Reno Nevada was 5.05%** according to Census ACS data.

### Rental Vacancy Rate in Reno Nevada

2015 | 1 Year Change | 3 Year Change | |
---|---|---|---|

US | 5.85% | -0.47% | -0.92% |

Nevada | 8.47% | +0.09% | -2.49% |

Reno, NV | 5.05% | -1.57% | -4.75% |

## Trends in Reno, NV Rental Vacancy Rate

The rental vacancy rate in Reno peaked in 2009 at 12.31%. Since then it has fallen by 7.26% to 5.05%. Data records for this series originated in 2005.

### Rental Vacancy Rate: Reno NV, Nevada, US

## Historical Rental Vacancy Rate data for Reno

Date | US | Nevada | Reno, NV |
---|---|---|---|

2015 | 5.85% | 8.47% | 5.05% |

2014 | 6.32% | 8.38% | 6.62% |

2013 | 6.49% | 10.51% | 7.65% |

2012 | 6.77% | 10.96% | 9.80% |

2011 | 7.40% | 11.73% | 10.17% |

2010 | 8.17% | 10.71% | 8.62% |

2009 | 8.43% | 12.58% | 12.31% |

2008 | 7.86% | 11.28% | 9.09% |

2007 | 7.87% | 10.10% | 9.93% |

2006 | 7.70% | 9.10% | 7.58% |

2005 | 7.74% | 7.31% | 7.24% |

## Rent as a Fraction of Income

Using median household income data for Reno, we can calculate the fraction of income the median household would use to pay rent at the median monthly gross rent rate. **For Reno, median monthly gross rent as a fraction of median household income was 19.50% in 2015** according to the ACS.

### Reno Nevada Median Annual Rent as a Fraction of Median Household Income

2015 | 1 Year Change | 3 Year Change | |
---|---|---|---|

US | 20.63% | -0.26% | -0.02% |

Nevada | 22.43% | +0.16% | -0.34% |

Reno, NV | 19.50% | -0.50% | -1.76% |

## Trends in Reno, NV Rent as a Fraction of Income

The fraction of median Reno household income required to pay median monthly gross rent peaked in 2012 (relative to the 2005 series origin) at 21.26%. Since then it has fallen by 1.76% to 19.50%.

### Fraction of Income towards Rent: Reno NV, Nevada, US

## Historical Data for Annual Rent as a Fraction of Income in Reno Nevada

Date | US | Nevada | Reno, NV |
---|---|---|---|

2015 | 20.63% | 22.43% | 19.50% |

2014 | 20.89% | 22.27% | 20.00% |

2013 | 20.78% | 22.30% | 19.35% |

2012 | 20.65% | 22.77% | 21.26% |

2011 | 20.70% | 22.96% | 20.52% |

2010 | 20.50% | 22.40% | 20.66% |

2009 | 20.12% | 22.34% | 20.48% |

2008 | 19.00% | 21.53% | 19.20% |

2007 | 18.66% | 21.36% | 19.26% |

2006 | 18.90% | 20.76% | 19.34% |

2005 | 18.89% | 21.01% | 20.17% |

## Renter Fraction in Reno Nevada

You can calculate the renter fraction in Reno in at least two ways: by housing units or by population. I've gone with the housing units measure here. This measure looks at the number of renting households in Reno as a fraction of total Reno households. **In 2015 44.04% of households were renters** according to Census ACS data.

### Reno Fraction of Renters by Household Units

2015 | 1 Year Change | 3 Year Change | |
---|---|---|---|

US | 36.97% | +0.07% | +0.88% |

Nevada | 45.98% | -0.38% | +0.85% |

Reno, NV | 44.04% | +1.58% | +1.43% |

## Trends in the Reno, NV Renter Fraction

At 44.04%, the 2015 household based renter fraction in Reno was at its highest level. The origin year for the series is 2005.

### Fraction of Renting Households: Reno NV, Nevada, US

## History of Reno Renter Fraction

Date | US | Nevada | Reno, NV |
---|---|---|---|

2015 | 36.97% | 45.98% | 44.04% |

2014 | 36.90% | 46.36% | 42.46% |

2013 | 36.50% | 45.69% | 43.70% |

2012 | 36.09% | 45.13% | 42.61% |

2011 | 35.42% | 43.71% | 42.05% |

2010 | 34.65% | 42.83% | 42.06% |

2009 | 34.13% | 40.75% | 38.87% |

2008 | 33.36% | 40.35% | 39.97% |

2007 | 32.80% | 39.59% | 38.86% |

2006 | 32.73% | 38.01% | 38.49% |

2005 | 33.10% | 39.33% | 41.62% |

1. Gross rent is defined as contract rent plus the estimated average monthly cost of utilities (electricity, gas, water, and sewer) and fuel (oil, coal, kerosene, wood, etc.). Because some rentals include utilities and others don't, gross rent is a way of normalizing the variability. ↩

2. Real dollars are calculated using the CPI-U less shelter series. ↩

3. The rental vacancy rate is computed by dividing the number of vacant units for rent by the sum of the renter-occupied units, vacant units that are for rent, and vacant units that have been rented but not yet occupied. ↩