What's New With Rental Rates in Reno-Sparks

Paige Hubbard • February 15, 2020

Are Rents Still Going Up?

UPDATE Spring 2025: Rental rates for apartments and condos are holding steady. Inventory of new apartments and luxury apartment that compete with condos is also holding steady here. Single family homes are in greater demand with less inventory, so rental rates can go up depending on demand; however, increases are more modest than in previous years. If your rental rate was or continues to be under market rent, you may still experience an increase in rent. Generally speaking, landlords will still increase rents by modest amounts to offset inflation as the cost of all services to maintain a rental property have increased significantly. As always, we are always looking for a win-win for all parties. We need each other to be successful, so our goal in management is to retain good residents and to provide enough cash flow for owners to maintain their rental properties in very good condition.

UPDATE Spring 2023: Good news for renters! Rental rates are slowing. Renters can expect to see more conservative rental rates and less competition due to economic factors and increased apartment inventory. Single family home rentals are still in high demand and do not appear to be as affected.

UPDATE: Spring 2021 My goodness, it's amazing to look at this blog one year later, after a year of The Pandemic. It's almost as if I was in a pandemic fog. Really, we were just grateful that most of us were doing well and hanging in there. We really just wanted to hang on to the status quo and get through it. Now we're in a rental rate frenzy! Rental rate are going through the roof, and have been for at least a few months now. After thirteen years of being a property manager, I was taken by surprise! It's rough out there for renters - high rates and little inventory. Hopefully things will calm down. Hang in there!!!

WHAT I THOUGHT IN SPRING 2020 (Just before The Pandemic): Of course everyone wants to know what's happening with rental rates. Here are my observations and opinions. I am going to say that we started to seem some softening of rates for apartments and condos in the Reno/Sparks Metropolis in 2019 based on our portfolio of rental properties (comprised of different individual owners). Rental rates for single family homes appear to continue to increase, but not as much as in past years. In my opinion, I think the crazy increases in rental rates are calming down overall. That means that you might be seeing some rates that look like they are a better value than you thought in the past, and if you are currently renting, your rental rates may stay the same or only increase modestly on your lease renewal, providing your initial rental rate was not far off from the market rent. In general, we try to keep rental rates moving with the market, so in the past and currently, we may still recommend a modest increase on your rental rate. While no one enjoys a rental increase, it is far better to keep with the market than to wake up to a huge increase because no one was paying attention to the market.

Contrary to popular news, it not something we delight in doing - that is creating huge increases in rents without disregard for the impact it creates for our residents. But recently, new owners that purchased older properties with lower rents, purchased those properties at a much higher price than the original owners did. If you add in upgrades and the increased cost of services and materials, then the rent almost certainly did go up significantly. We can appreciate the difficult impact this has had on many people. We strive to create value for our residents to the best of our abilities along with our owner clients.

All of us share in the concern for a happy, vibrant community. Our owner clients are part of the equation aimed at caring and a reasonable desire to create a positive rental experience for their tenant residents. We are here to listen and to do the best we can do to make your rental experience a good one.

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PERSISTENCE

August 10, 2017

If you saw the movie about McDonald’s Ray Kroc, “The Founder”, you probably loved it. It’s about that entrepreneurial spirit of getting it done and hanging in there despite what others around you are saying. And now, you’ve done it. You have created your real estate investment portfolio. I know that it requires a good mind, persistence, and hard work to get there. Congratulations. You invested your time and money. You deserve to have a positive experience as a real estate investor. Here are the items we as property managers are especially concerned about to protect your investments and allow them to PERSIST on to the next generation. Key Items of Effective Property Management Quality tenants through excellent screening practices Minimization of risk through sound leases and knowledge of property management laws Maintaining the property with best value vendors and regular property inspections Excellent communication to maintain positive relations for all parties Improved cash flow through analysis of market rents and scheduled rent increases Improved cash flow through the reduction of expenses and improving key features Utilization of technology for optimized customer experiences Speaking of persistence, I just achieved my Certified Property Manager (CPM) designation from the Institute of Real Estate Management (IREM). It took me seven years! Please give me a call if I can be of assistance for leasing services or full service property management. Thank you!

Kudos for Hubb Realty

May 7, 2017

We lost our apartment in a fire and found a renting through Hubb Realty. Overall our experience was stellar, and I hope we can be fortunate enough to have another amazing property manager in our future. First, it was convenient to see houses available on our own time through Rently rather than trying to work with someone else’s schedule too. Second, they are prompt in responses always - we were frequently updated on missing application information and was approved within a week. They are also prompt in repairs and work through an app where you simply submit a maintenance request and someone will call you in a timely manner. They contract with various vendors and I’ve never had a bad experience with any of them. Lastly, they’ve always been fair, transparent and honesty When we left, we followed all the moving out instructions, and as stated in our lease, like getting carpet and house professionally cleaned. They returned our deposit within the stated time frame and charged a fair price for some accidental damages that was totally our fault (oops). Most landlords would’ve taken advantage of this and price gouge for repairs! I almost feel like I was the one that took advantaged of Hubb. I would rent from Hubb over any of other property management or landlords in Reno. Posted 08/12/23.

For Renters Competing in the Rental Market

April 18, 2017

If you want to rent a property, you have no doubt found the experience to be a bit frustrating. With limited inventory, you usually will be competing with other applicants. It’s tough for renters competing in the rental market.