Location: Reno, NV | Metro: Reno, NV HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,560 |
| 1 Bedroom | $1,740 |
| 2 Bedrooms | $2,180 |
| 3 Bedrooms | $2,910 |
| 4 Bedrooms | $3,370 |
| 5 Bedrooms | $3,909 |
| 6 Bedrooms | $4,378 |
| 7 Bedrooms | $4,728 |
| 8 Bedrooms | $4,964 |
U.S. Census Bureau data (2024)
The ZIP code 89402 presents a dynamic rental market, particularly concerning Section 8 housing. With a Fair Market Rent (FMR) set at $2060 for the fiscal year 2024, landlords can expect a stable income benchmark for their properties. However, the lack of reported market rent figures suggests that the official FMR closely aligns with the actual rental prices in the area, indicating a tight market where demand meets supply at the FMR level.
The absence of data on price-cut shares and days on market (DOM) implies a steady state where properties are likely rented without significant negotiation or prolonged vacancy periods. This stability is further supported by the median home value of $2,754,222, which is notably high and suggests a robust overall real estate market. High-value homes often correlate with a strong local economy, potentially supporting higher rental demands.
A key indicator of long-term housing pressure in ZIP 89402 is the 9.6% renter share. While this percentage is relatively low, it signals an ongoing need for affordable rental options. The presence of a Section 8 program, with its defined FMR, caters to this need, ensuring that a portion of the population can find suitable housing. This low renter share could also imply that homeownership is prevalent, but the high median home value indicates that the market might be skewed towards luxury properties, leaving a gap for middle-income renters.
In summary, ZIP 89402 operates under conditions where the rental market, especially for Section 8 participants, is well-defined by the FMR. The high median home value points to a prosperous environment, yet the modest renter share highlights a continuous challenge in providing affordable housing. Landlords and small-portfolio investors should focus on maintaining competitive rents around the FMR to ensure occupancy and leverage the strong economic indicators of the area.
Data Sources: FMR data from HUD (2027). Demographics from U.S. Census (2024).
About FMR: Fair Market Rent (FMR) is used to determine payment standards for the Section 8 Housing Choice Voucher program, initial renewal rents for some expiring project-based Section 8 contracts, and rent ceilings for HOME Investment Partnerships.