News 4 & Fox 11 reports that “The cost of rent has increased 10 percent over the last year and is expected to rise, according to the Nevada Housing Division”.
According to local Builders, the median cost of rent in Reno and Sparks is above $1,000 and expected to increase by 4% in 2017. The Housing Division says the increase is due to lack of inventory. Apparently, increases in our local wages has not kept up with the increase in Reno/Sparks housing costs. As a result, many local families are now paying more than 30% of their income towards housing expenses.
More housing projects are in the pipeline, the Division is expecting 3,000 units to be completed in the near future.