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Old 05-15-2015, 10:21 AM
 
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We were in Reno in February, looking mainly at new homes in the southern part of the city (e.g., Lennar, Toll Brothers homes). Likely objective would be to rent out the home and eventually retire there. We realize some developments have an owner-occupied requirement for at least the first year. What is the rental market like now? Has expansion by Tesla, etc. made a difference? Wife wants to buy soon, sight unseen (basing it on what we saw in Feb.) but I'd rather wait a few months when I know we'll be in the area again and can take our time to shop again. She's worried about prices goingup.
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Old 05-15-2015, 03:44 PM
 
Location: Living rent free in your head
30,893 posts, read 13,456,854 times
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Rent's aren't high in Reno, even though housing prices have gone up quite a bit, I don't see a commensurate increase in Rent. Here, look for yourself, reno apartments / housing rentals - craigslist
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Old 05-18-2015, 01:41 PM
 
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Maybe keep as investment. What about Reno vs. Sparks?
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Old 05-18-2015, 10:11 PM
 
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There are a lot of empty house rentals in our neighborhood, south Reno. There are also quite a few foreclosures and short sales still hanging around. I don't think Tesla is going to make a big dent in the long run, and especially in south Reno as that would be a pretty long commute. Personally, I think the Tesla thing is overblown to make residents forget about the concessions the state gave them to move here. This has been done a few times before (tax incentives) and I can't think of one that has worked out. The numbers put out there on the Tesla announcement assumes that their business will do well (and their cars are not doing well, their market could be ahead of its time for energy storage batteries for solar and wind) and that all of their suppliers would also build in the same location to service Tesla. We know several people in construction and there was a big push early in the project on concrete and grading. But whatever the reason, things have pretty much stopped out there. Also, there is a ton of cheap housing in Fernley which makes more sense for a commute to Tesla. Even Sparks makes more sense to commute than Reno. So I wouldn't bet too heavily on Tesla.

Also, the young couples that we know here are either looking for a really cheap rental (and they will compromise on the neighborhood so they can save for a house) or they are looking to buy entry level homes. Those houses are selling really fast with multiple offers, within a day or two and sometimes $20k over the listing price and over the appraisal in cash. On the other hand, older or larger homes stay on the market for quite a while. We have some neighbors with a 3/2 that was recently remodeled from one end to the other with really nice high end stuff...granite, stainless, crown molding, new bathrooms, awesome hot tub and back yard. They had it listed at a fair price for what home is and where it's located. But one week afer they listed it a short sale went up a block away for $100k less with 4/3 and newer construction. We also know a couple who are listing their 5/3 on 1/4 acre in a very nice south Reno neighborhood and they have not had much interest.

So if you're looking for a smaller home, so is everyone else and they will not come cheap unless you look in Fernley and take your chances that Tesla takes off. And if you are looking in south Reno there is a lot of rental competition at reasonable prices.
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Old 05-18-2015, 11:39 PM
 
Location: Living rent free in your head
30,893 posts, read 13,456,854 times
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Quote:
Originally Posted by Samoi137 View Post
We were in Reno in February, looking mainly at new homes in the southern part of the city (e.g., Lennar, Toll Brothers homes). Likely objective would be to rent out the home and eventually retire there. We realize some developments have an owner-occupied requirement for at least the first year. What is the rental market like now? Has expansion by Tesla, etc. made a difference? Wife wants to buy soon, sight unseen (basing it on what we saw in Feb.) but I'd rather wait a few months when I know we'll be in the area again and can take our time to shop again. She's worried about prices goingup.
Why do you want to move here? Unless you know a great deal about the area, it might be better to wait and rent for at least a few months. UTSCI gave you excellent advice about the housing market. There is not a great deal of demand for rental houses, except for really cheap ones. If you buy with the idea of renting a house out, it could well sit empty; or you might have to rent it for so little that you lose money every month. And unless you are nearby do you really feel comfortable renting a house and not being able to check on it to make sure your tenants aren't destroying it?
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