Reno Realtor - Keller Realty Sierra Nevada Properties

The following was posted on www.thebizscoop.com on November 14th 2011.

The 3rd quarter apartment market report from Johnson Perkins & Associates, Inc came out last week and there was a lot of interesting trends starting to take place on the market. Keep in mind that this company uses only 80 plus unit apartment buildings but it at least gives you a good sample of what is going on in the market. Overall vacancy dropped from 5.51% in the 2nd quarter to 5.38% and average rents went from $837 in the 2nd quarter to $840. Both are positive trends that our region definitely wants to see. To me the most interesting thing about this report is what is trending on the 3 bedroom apartment market. Because this survey only uses apartments of 80 plus units, we can’t get a real handle on what the foreclosure market is doing to the residential rental market. Most tenants perceive that there is an excess of inventory and that they should be able to lease a 3 bedroom house at a very competitive rate. What this reports shows is that average rents for 3 bedroom apartments went from an average of $1,115 in the 2nd quarter to $1,098 in the 3rd quarter and the average vacancy went from 5.06 to 9.06%, a jump of 4%!!!! These will be very interesting to track in the coming months. For more information, contact Ben Galles at Keller Realty Inc. at This e-mail address is being protected from spambots. You need JavaScript enabled to view it or 775 750 6429.