Local apartment rental costs have stabilized

RENO, NV (KOLO) In order to afford the average apartment rental in the Truckee Meadows you'll have to make $24.00 an hour.

PHOTO: House under construction, Photo Date: 5/2/2018 (Source: Pixabay)

That's before taxes and if the renter is following financial advice and devoting 30% of his income to housing.

“I, so to me, that is a lot,” says Natalie Mantor.

She’s a college student part time pizza parlor employee.

Natalie says she cannot even wrap her head around the average monthly rental fee.

She found a single room in a home at $200 a month and is just making ends meet.

“It just keeps going up every year, what am I supposed to do when I graduate?” asks Natalie

“We do see people entering our homeless shelters who have jobs,” says Reno Mayor Hillary Schieve. “And that should not be the way it is,” she says.

Mayor Schieve says while the report is encouraging, it’s is of no comfort to those who have jobs but whose hourly wage cannot possibly cover a monthly apartment rental of more than $1200 dollars a month.

Affordable housing she says, is front of mind and the problem is multi-faceted.

What she would like to see is affordable housing incorporated into housing priced at the going rate.

“Requiring affordable in every project,” says the mayor. “Or work force in every project. So that it is spread throughout. So that people are living together. They are not segregated because that's not a great way to plan a city,” she says.

The Nevada State Apartment Association says apartment inventory has increased 12% since 2016.

And while apartment rental costs increased an average 8% a year between 2016 and 2018, rents are up 1.8% when 2018 and 2019 rental costs are compared year over year.

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