Reno Nevada Residential Rent and Rental Statistics
The median monthly gross residential rent in Reno, NV (the Reno-Sparks metro area) was $1,195 in 2019 according to the Census ACS survey.1 Average gross rent in Reno was $1,224 in 2019. The median rent more accurately depicts rental rates in the middle of the distribution of rents and is thus preferred in the analysis below. 2020 Reno median and average rent data will be released in September of 2021.
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 (2019 dollars)2
| 2019 | 1 Year Change | 3 Year Change | |
|---|---|---|---|
| US Median Gross Rent | $1,097 | +1.86% | +6.82% |
| Nevada Median Gross Rent | $1,168 | +3.55% | +11.24% |
| Reno, NV Median Gross Rent | $1,195 | +6.98% | +19.50% |
Reno, NV Real Gross Rent Trends
At $1,195, real median gross rent in Reno was at its highest level in 2019 since the series began in 2005. At $1,224, real average gross rent in Reno was at its highest level in 2019 since the series began in 2005.
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 |
|---|---|---|---|---|
| 2019 | $1,097 | $1,168 | $1,195 | $1,224 |
| 2018 | $1,077 | $1,128 | $1,117 | $1,149 |
| 2017 | $1,043 | $1,084 | $1,004 | $1,091 |
| 2016 | $1,027 | $1,050 | $1,000 | $1,088 |
| 2015 | $1,017 | $1,040 | $976 | $1,010 |
| 2014 | $986 | $1,008 | $928 | $1,016 |
| 2013 | $953 | $1,003 | $916 | $994 |
| 2012 | $940 | $1,004 | $926 | $986 |
| 2011 | $941 | $1,011 | $938 | $1,008 |
| 2010 | $955 | $1,064 | $976 | $1,030 |
| 2009 | $960 | $1,132 | $1,026 | $1,082 |
| 2007 | $927 | $1,151 | $1,024 | $1,094 |
| 2005 | $910 | $1,076 | $1,029 | $1,061 |
Reno Rental Vacancy Rate
The rental vacancy rate is the fraction of homes for rent that are not occupied.3 In 2019 the rental vacancy rate for Reno Nevada was 3.16% according to Census ACS data.
Rental Vacancy Rate in Reno Nevada
| 2019 | 1 Year Change | 3 Year Change | |
|---|---|---|---|
| US | 5.97% | -0.18% | +0.08% |
| Nevada | 7.58% | -1.11% | -0.38% |
| Reno, NV | 3.16% | -0.96% | -1.57% |
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 9.15% to 3.16%. 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 |
|---|---|---|---|
| 2019 | 5.97% | 7.58% | 3.16% |
| 2018 | 6.15% | 8.69% | 4.12% |
| 2017 | 6.18% | 6.90% | 4.65% |
| 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% |
| 2007 | 7.87% | 10.10% | 9.93% |
| 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 19.88% in 2019 according to the ACS.
Reno Nevada Median Annual Rent as a Fraction of Median Household Income
| 2019 | 1 Year Change | 3 Year Change | |
|---|---|---|---|
| US | 20.03% | -0.47% | -0.40% |
| Nevada | 22.15% | -0.52% | +0.34% |
| Reno, NV | 19.88% | -0.86% | +0.14% |
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 1.38% to 19.88%. From a 2017 low of 19.05%, the fraction of income going to rent has increased by 0.83%.
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 |
|---|---|---|---|
| 2019 | 20.03% | 22.15% | 19.88% |
| 2018 | 20.50% | 22.67% | 20.74% |
| 2017 | 20.13% | 21.74% | 19.05% |
| 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% |
| 2007 | 18.66% | 21.36% | 19.26% |
| 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 2019 41.53% of households were renters according to Census ACS data.
Reno Fraction of Renters by Household Units
| 2019 | 1 Year Change | 3 Year Change | |
|---|---|---|---|
| US | 35.89% | -0.16% | -0.99% |
| Nevada | 43.38% | +0.16% | -1.77% |
| Reno, NV | 41.53% | -0.25% | -0.75% |
Trends in the Reno, NV Renter Fraction
The Reno household renter fraction peaked in in 2015 at 44.04% and is now 2.51% below that 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 |
|---|---|---|---|
| 2019 | 35.89% | 43.38% | 41.53% |
| 2018 | 36.05% | 43.22% | 41.78% |
| 2017 | 36.13% | 43.42% | 41.64% |
| 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% |
| 2007 | 32.80% | 39.59% | 38.86% |
| 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. ↩
