Reno Investment Property for Sale - 2024 Rental Home Appreciation

The Reno real estate market has seen consistent growth for the last decade. The reason? The city's above-average population growth has generated a lot of demand for housing. It's created a lot of competition that's driving property values up. Plus, Reno, Nevada's beauty and proximity to Lake Tahoe make it a popular vacation destination.

A Reno rental property offers investors demand, appreciation, and the potential to earn a solid return on investment.

Reno's Attractive Housing Market

Reno is a city in northern Nevada along the Nevada-California border and the Truckee River. It's just 22 miles from Lake Tahoe, making it a great vacation destination. Reno is also a great place to live.

Real estate investors can find nearly every property type in Reno's homes for sale. They include condos, single-family homes, and multi-family homes. Whether you're looking to invest in a condo, townhouse, or single-family house, there's a Reno home for you.

The Reno area is home to many great neighborhoods and suburbs for real estate investors to consider. They include Carson City, Fernley, Midtown, Sparks, and Truckee, CA.

• Carson City: Carson City is located 32 miles south of Reno, NV, along I-580. It's the capital of Nevada and is known as a family-friendly community. The median listing price in Carson City is $316/sqft, and the median sales price is $498,000. The median rent is $1,400/month.
• Fernley: Fernley is located 34 miles east of Reno, NV, along I-80. It's home to the Reno-Fernley Raceway and Tesla's Gigafactory 1. The median listing price in Fernley is $247/sqft, and the median sales price is $418,000. The median rent is $1,900/month.
• Midtown: Midtown is located south of the Truckee River along S Virginia St, east of Old Southwest. It's considered Reno's most lively and unique neighborhood. The median listing price in Midtown is $335/sqft, and the median sales price is $624,970. The median rent is $2,300/month.
• Sparks: Sparks, NV, is located 4 miles west of Reno, NV, along I-80. It's known for its casinos, including the Golden Nugget Casino Resort, and outlet malls. The median listing price in Sparks is $303/sqft, and the median sales price is $560,000. The median rent is $1,900/month.
• Truckee: Truckee, CA, is located 32 miles southwest of Reno, NV, along I-80. It's a mountain town in the Sierra Nevada Mountains known for its outdoor recreation. The median listing price in Truckee is $627/sqft, and the median sales price is $1, 060,000. The median rent is $3,900/month.

Rental Home Appreciation in Reno

Reno, NV, has a robust rental market with demand for long-term and short-term vacation rentals. Nearly half (45%) of households in Reno are renter-occupied, and the city has a vacancy rate of 3.16%.

According to Realtor, the median listing price in Reno is $335 per square foot with a median sale price of $624,970. Zillow's Home Value Index reports an 18.4% change since last year. The median rent in Reno is $2,300 per month.

Given its proximity to Lake Tahoe, Reno also has a strong short-term vacation rental market. According to AirDNA, Reno has an average Airbnb occupancy rate of 68%. The average daily rate for a vacation rental is $200, and hosts generate an average of $2,800 a month in rental income.

Reno's strong long- and short-term rental market presents a lot of opportunities for real estate investors and property management companies. A Reno rental property has the potential to yield significant returns and increase cash flow through rental income.

Economic Growth in Reno