Location: Reno, NV | Metro: Reno, NV HUD Metro FMR Area
Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,660 |
| 1 Bedroom | $1,900 |
| 2 Bedrooms | $2,390 |
| 3 Bedrooms | $3,190 |
| 4 Bedrooms | $3,700 |
| 5 Bedrooms | $4,292 |
| 6 Bedrooms | $4,807 |
| 7 Bedrooms | $5,192 |
| 8 Bedrooms | $5,452 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $2,390 | $437,177 | 0.55% | F |
| 3BR | $3,190 | $823,448 | 0.39% | F |
| 4BR | $3,700 | $1,165,509 | 0.32% | F |
| 5BR | $4,292 | $1,543,801 | 0.28% | F |
U.S. Census Bureau data (2024)
The ZIP code 89519 in Reno, NV, presents a dynamic rental market characterized by a specific set of economic indicators. The Fair Market Rent (FMR) for the area, as determined by HUD for fiscal year 2024, is set at $2180. This figure represents the threshold above which low-income families are considered cost-burdened, highlighting a benchmark for affordability.
In comparison, the actual market rent, measured by Zillow's Observed Rental Index (ZORI), stands at $1,920. This suggests that the market is slightly below the FMR, indicating a relatively balanced state where rents are affordable but still close to the fair market level. The 0.2% price-cut share is notably low, suggesting that landlords are not frequently reducing their rental rates, which could indicate steady demand or a competitive market where maintaining higher rents is feasible.
The median home value in 89519 is $889,306, reflecting a substantial investment for homeownership. While the days on market (DOM) is listed as N/A, this could imply either a very active market with quick sales or a less frequent turnover of homes, making it challenging to gauge the exact trend without additional data.
A significant 23.6% of the population in this area are renters. This high percentage indicates a notable presence of individuals who prefer or require renting over owning. Such a substantial renter share can signal ongoing housing pressure, as a considerable portion of the residents may be unable to afford homeownership, thus driving up demand for rental properties.
The interplay between these factors—rental rates near the FMR, low price-cut shares, and a high proportion of renters—points towards a market where demand is robust, if not slightly outpacing supply. Landlords and small-portfolio investors should note that while the market remains competitive, there is a persistent need for rental units, particularly those priced around the ZORI mark. This dynamic ensures that the rental sector continues to be an attractive investment opportunity in 89519, given the strong tenant base and the high median home values that limit homeownership options for many residents.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-07-31). 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.