Location: Reno, NV | Metro: Reno, NV HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,280 |
| 1 Bedroom | $1,460 |
| 2 Bedrooms | $1,840 |
| 3 Bedrooms | $2,460 |
| 4 Bedrooms | $2,850 |
| 5 Bedrooms | $3,306 |
| 6 Bedrooms | $3,703 |
| 7 Bedrooms | $3,999 |
| 8 Bedrooms | $4,199 |
The ZIP code 89405 presents a dynamic rental market, particularly under the purview of Section 8. With a Fair Market Rent (FMR) set at $1580 for fiscal year 2024, landlords and small-portfolio investors must align their expectations with this benchmark. The absence of reported market rent figures suggests that the official data might lag behind the current conditions, or the area could have limited reporting, making it challenging to gauge the exact relationship between market rents and FMRs.
The lack of information on price-cut shares and days on market (DOM) indicates a scarcity of recent sales data, which is typical for areas with a higher concentration of rentals. This implies that the market in 89405 is primarily driven by the rental sector rather than the sale of properties. The unknown median home value further supports this inference, as it's less relevant in an area where renting is predominant.
The ZIP code's unspecified percentage of renter share, however, offers insight into the long-term housing pressures. A high renter share typically signals sustained housing pressure, where many residents rely on rental options due to affordability or lifestyle choices. In such a scenario, the demand for rental units often exceeds supply, leading to tighter rental markets and potentially higher rents.
In conclusion, while specific metrics like market rent, price-cut share, and DOM are unavailable, the emphasis on FMR and the inferred dominance of rental over sales activity suggest a market where demand for affordable rental housing could be outpacing supply. This makes ZIP 89405 a critical area for landlords and small-portfolio investors to consider, especially those aligned with government-subsidized programs like Section 8, where understanding and adhering to FMRs is crucial.
Data Sources: FMR data from HUD (2027).
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.