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 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.
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.
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