Reno Rent Report: April 2024

Welcome to the Apartment List April 2024 Rent Report for Reno, NV. Currently, the overall median rent in the city stands at $1,289, after rising 1.3% last month. Prices remain down 2.9% year-over-year. Read on to learn more about what’s been happening in the Reno rental market and how it compares to trends throughout the nation as a whole.

Reno rents are up 1.3% month-over-month and down 2.9% year-over-year

The median rent in Reno rose by 1.3% over the course of March, and has now decreased by a total of 2.9% over the past 12 months. Reno’s rent growth over the past year has has fallen behind both the state (-0.7%) and national averages (-0.8%).

Reno rent growth in 2024 pacing similar last year

Three months into the year, rents in Reno have risen 2.3%. This is a similar rate of growth compared to what the city was experiencing at this point last year: from January to March 2023 rents had increased 1.8%.

March rent growth in Reno ranked #16 among large U.S. cities

Reno rents went up 1.3% in the past month, compared to the national rate of 0.6%. Among the nation's 100 largest cities, this ranks #16. Similar monthly rent growth took place in New Orleans, LA (1.3%) and Fremont, CA (1.2%).

Reno is the #70 most expensive large city in the U.S., with a median rent of $1,289

Citywide, the median rent currently stands at $1,066 for a 1-bedroom apartment and $1,334 for a 2-bedroom. Across all bedroom sizes (ie, the entire rental market), the median rent is $1,289. That ranks #70 in the nation, among the country's 100 largest cities.

For comparison, the median rent across the nation as a whole is $1,220 for a 1-bedroom, $1,374 for a 2-bedroom, and $1,388 overall. The median rent in Reno is 7.1% lower than the national, and is similar to the prices you would find in Houston, TX ($1,300) and Kansas City, MO ($1,280).