Department of Numbers

Reno Nevada Residential Rent and Rental Statistics

The median monthly gross residential rent in Reno, NV (the Reno-Sparks metro area) was $955 in 2016 according to the Census ACS survey.1 Average gross rent in Reno was $1,039 in 2016. The median rent more accurately depicts rental rates in the middle of the distribution of rents and is thus preferred in the analysis below. 2017 Reno median and average rent data will be released in September of 2018.

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.

Show dollars as: Nominal Real

Real Gross Rent in Reno Nevada (2016 dollars)2

2016 1 Year Change 3 Year Change
US Median Gross Rent $981 +0.93% +7.80%
Nevada Median Gross Rent $1,003 +1.01% +4.81%
Reno, NV Median Gross Rent $955 +2.47% +9.14%

Reno, NV Real Gross Rent Trends

Median gross rent for Reno peaked in real terms in 2008 at $1,044 and is now $89 (8.52%) lower. From a recent low of 875.0 in 2013, real median gross rent has now increased by $80 (9.14%). Average gross rent for Reno peaked in real terms in 2008 at $1,142 and is now $103 (9.02%) lower. From a recent low of 942.0 in 2012, real average gross rent has now increased by $97 (10.30%).

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

Lower quartile, median and upper quartile real gross rent

Real Gross Rent History for Reno

Date US
Median
Nevada
Median
Reno, NV
Median
Reno, NV
Average
2016 $981 $1,003 $955 $1,039
2015 $972 $993 $932 $964
2014 $942 $963 $886 $970
2013 $910 $957 $875 $949
2012 $898 $959 $884 $942
2011 $898 $965 $895 $962
2010 $912 $1,016 $932 $984
2009 $916 $1,081 $980 $1,033
2008 $932 $1,144 $1,044 $1,142
2007 $885 $1,100 $978 $1,045
2006 $895 $1,075 $989 $1,023
2005 $869 $1,028 $983 $1,014

Reno Rental Vacancy Rate

The rental vacancy rate is the fraction of homes for rent that are not occupied.3 In 2016 the rental vacancy rate for Reno Nevada was 4.73% according to Census ACS data.

Rental Vacancy Rate in Reno Nevada

2016 1 Year Change 3 Year Change
US 5.89% +0.04% -0.60%
Nevada 7.96% -0.51% -2.55%
Reno, NV 4.73% -0.32% -2.92%

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 7.58% to 4.73%. Data records for this series originated in 2005.

Rental Vacancy Rate: Reno NV, Nevada, US

Rental vacancy rate in Nevada

Historical Rental Vacancy Rate data for Reno

Date US Nevada Reno, NV
2016 5.89% 7.96% 4.73%
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 19.74% in 2016 according to the ACS.

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

2016 1 Year Change 3 Year Change
US 20.43% -0.20% -0.35%
Nevada 21.81% -0.62% -0.49%
Reno, NV 19.74% +0.24% +0.39%

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 1.52% to 19.74%.

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

Percent of median household income going towards median monthly gross rent in Reno Nevada

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

Date US Nevada Reno, NV
2016 20.43% 21.81% 19.74%
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 2016 42.28% of households were renters according to Census ACS data.

Reno Fraction of Renters by Household Units

2016 1 Year Change 3 Year Change
US 36.88% -0.09% +0.38%
Nevada 45.15% -0.83% -0.54%
Reno, NV 42.28% -1.76% -1.42%

Trends in the Reno, NV Renter Fraction

The Reno household renter fraction peaked in in 2015 at 44.04% and is now 1.76% below that level. The origin year for the series is 2005.

Fraction of Renting Households: Reno NV, Nevada, US

Fraction of renters in Reno

History of Reno Renter Fraction

Date US Nevada Reno, NV
2016 36.88% 45.15% 42.28%
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.