Reno's infamous reputation as “Divorce Capital of the World" and a mecca for casino gambling is changing quickly. Now a haven for large tech companies, such as Tesla, Amazon and Google, the city's business-friendly climate and affordability lends an open invitation for rapid growth.
Reno is emerging as one of the West's best-kept secrets. Always a hub for outdoor enthusiasts and multigenerational families, increased economic development and an expanding university are attracting even more young families and college students than ever before.
Reno's rapidly growing population just might outpace its reputation as “The Biggest Little City," turning this once-small town into a high-desert metropolis.
With lots of job growth and a quickly increasing population, Reno's average rents are rising as the demand for housing surpasses the current housing supply.
You can't turn a corner in Reno without seeing the construction cranes for new apartments and retail spaces. With a low inventory of houses for sale that's driving apartment rentals upwards, it's really no surprise that the average rent increased by 11.77 percent in the last year alone.
However, with an average rent of $1,482 for a one-bedroom apartment, Reno still offers affordable apartment rentals under the national average.
If you're thinking about moving to Reno, now is the time to lock in an affordable rental rate as this city will grow up to six percent in the next year.
Experts suggest limiting your housing expenses to no more than 30 percent of your pre-tax income. Following these guidelines, you'll need to earn around $59,280 annually to rent a typical one-bedroom apartment in Reno.
Still unsure about how much you need to make to live comfortably in Reno? Use our rent calculator to determine how much you can afford.
Rent aside, it's essential to keep in mind living costs in a new city. Reno is rapidly growing, so it's not a surprise that the cost of living is 12.7 percent higher than the national average. In fact, you'll find that Reno hovers above the national average in all expense categories except for utilities.
Luckily, Reno's business-friendly environment provides job growth opportunities with competitive salaries. Below you'll find an analysis of how Reno compares with the national averages in various expense categories.
Reno offers a mix of affordability across the city. Generally, you'll find the most expensive areas in South Reno near the foothills of Mount Rose. You will also find historic homes in the Caughlin Hills and the Old Southwest areas.
The more affordable areas of Reno are on the north and east sides of the downtown area.
In Reno's most expensive neighborhood, South Meadows, you can expect to pay an average of $2,208 for a luxury one-bedroom apartment. That's up 29 percent since last year! It's no wonder though — South Meadows offers easy access to high-end grocery stores, such as Sprouts Farmers Market, well-kept parks for recreation, close proximity to key employers and highly rated public schools. The neighborhood is on the Southeastern edge of the city, with ample space for economic development.
On the other hand, Reno's second most expensive neighborhood, Lakeridge, is centrally located with a limited capacity to expand, stabilizing rents year-over-year. Lakeridge boasts similar amenities to South Meadows, and a one-bedroom apartment will cost around $2,157.
This neighborhood hosts up-scale grocery stores such as Whole Foods and Natural Grocer. You'll also find several locally-owned businesses such as a specialty ice cream shop and yoga studio.
| Rank | Neighborhood | 1BR Average Rent | YoY Rent Price Changes |
|---|---|---|---|
| 1 | South Meadows | $2,208 | 29.04% |
| 2 | Lakeridge | $2,157 | 4.53% |
| 3 | Double R Blvd | $1,939 | 22.41% |
| 4 | Virginia Footills | $1,632 | 2.50% |
| 5 | Entertainment District | $1,590 | 5.56% |
| 6 | Oddie Boulevard | $1,510 | 51.45% |
| 7 | Redfield Regional Center | $1,500 | 7.33% |
| 8 | Summit Sierra | $1,500 | 7.33% |
| 9 | Meadowood | $1,444 | 8.03% |
| 10 | Mae Anne Avenue | $1,420 | -2.10% |
In Reno's cheapest neighborhood, Smithridge, a one-bedroom apartment averages just under $1,000. Smithridge is Reno's most affordable neighborhood for families with school-aged children. There is also easy access to one of Reno's major freeways and the McCarran Loop.
Reno's second most affordable neighborhood is West University. This expansive neighborhood begins at the University of Nevada, Reno, and stretches several miles to the west.
Apartments closest to the university attract more college-aged students, but the farther west you go, you'll encounter many families. West University offers affordable family dining and proximity to several budget stores such as Walmart and Save Mart.
The neighborhood also has the city's largest open-area park, Rancho San Rafael Regional Park. The average one-bedroom in West University will run you about $1,015 a month.
| Rank | Neighborhood | 1BR Average Rent | YoY Rent Price Changes |
|---|---|---|---|
| 1 | Smithridge | $999 | N/A |
| 2 | West University | $1,015 | 2.91% |
| 3 | Mountain View Cemetery | $1,018 | -28.55% |
| 4 | Virginia Lake | $1,144 | -4.08% |
| 5 | Meadow View* | $1,180 | N/A |
| 6 | Wells Avenue Neighborhood* | $1,180 | N/A |
| 7 | Lake's | $1,256 | -4.26% |
| 8 | Skyline Boulevard | $1,274 | 3.97% |
| 9 | Reno - Sparks Convention Center | $1,276 | 0.78% |
| 10 | Panorama Village | $1,291 | 17.39% |
Reno is unique in that you'll find a wide range of affordable and premium rental options, whether you're seeking an apartment on a budget or an expensive, luxury apartment.
Take a look at the average rent prices throughout Reno to help you zero in on an area that meets your spending plan.
| Neighborhood | 1BR Average Rent | YoY Rent Price Changes |
|---|---|---|
| Double R Blvd | $1,939 | 22.41% |
| Downtown Reno | $1,350 | -1.42% |
| Entertainment District | $1,590 | 5.56% |
| Lake's | $1,256 | -4.26% |
| Lakeridge | $2,157 | 4.53% |
| Livestock Event Center | $1,316 | 7.22% |
| Mae Anne Avenue | $1,420 | -2.10% |
| McQueen | $1,420 | -1.89% |
| Meadow View* | $1,180 | N/A |
| Meadowood | $1,444 | 8.03% |
| Mountain View Cemetery | $1,018 | -28.55% |
| Oddie Boulevard | $1,510 | 51.45% |
| Panorama Village | $1,291 | 17.39% |
| Redfield Regional Center | $1,500 | 7.33% |
| Reno - Sparks Convention Center | $1,276 | 0.78% |
| Sharlands | $1,420 | -3.99% |
| Skyline Boulevard | $1,274 | 3.97% |
| Smithridge | $999 | N/A |
| South Meadows | $2,208 | 29.04% |
| Summit Sierra | $1,500 | 7.33% |
| Virginia Footills | $1,632 | 2.50% |
| Virginia Lake | $1,144 | -4.08% |
| Wells Avenue Neighborhood* | $1,180 | N/A |
| West University | $1,015 | 2.91% |
| Wildcreek | $1,291 | 17.39% |
Ready to settle down in Reno? Whether you're moving to Reno to get a new job, attend the university or just enjoy a mix of mountain and city life, you're guaranteed to find the ideal neighborhood for your lifestyle.
Find your next apartment today.
Dana Reynolds is a teacher and writer living in the Reno-Tahoe area. From hiking and gardening in the summer to skiing all winter, she takes full advantage of what the Sierra Nevada has to offer.