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Reno rent market at record-high prices, near-zero vacancy

RENO, Nev. (AP) — It's a journey that most people eventually take. Fifteen years ago , Anne Carte decided to leave the familiar comforts of home and family to move out on her own. For Carte, who was 20 years old at the time, moving to the Biggest Little City from San Jose, California, represented an exciting and crucial juncture in her life. "I moved to Reno to grow up and be an adult," Carte said. The year 2002 had its fair share of memorable moments. That same year, "Star Wars: Episode II" debuted in theaters, Tiger Woods won the 66th Masters Tournament and "American Idol" premiered on television. One thing Carte specifically remembers was the cost of rent. Back then, the monthly rate for Carte's first studio in Sparks was only $495. For a young person who just moved out of home and landed an entry-level job at Target, an affordable place to stay was not a luxury. It was a b...

Reno rent market at record-high prices, near-zero vacancy

Damonte Ranch area is a sign of the city's need for housing in Reno, Nev. The recent influx of new workers combined with near-zero residential development during the recession gave birth to a classic supply-and-demand scenario that saw the cost of housing skyrocket in the Biggest Little City." title="In this March 24, 2017 photo shows a new apartment complex in the Damonte Ranch area is a sign of the city's need for housing in Reno, Nev. The recent influx of new workers combined with near-zero residential development during the recession gave birth to a classic supply-and-demand scenario that saw the cost of housing skyrocket in the Biggest Little City." src="src" /> In this March 24, 2017 photo shows a new apartment complex in the Damonte Ranch area is a sign of the city's need for housing in Reno, Nev. The recent influx of new workers combined with near-zero residential development during the recession gave birth to a classic supply-a...