Reno apartment inventory increasing
Now open, but already full. The newly-opened Village South Apartments are seeing such high demand that they are leasing out units before they're even constructed.
"We are pretty much selling and leasing everything that we are building at a very rapid rate," said Jay Ryder, owner of Ryder Homes.
About 80 of the 243 units in The Village South complex have been completed. That means most units are still under construction.
"Some of those units that we are pre-leasing are still 8-10 months from before we are finished," said Ryder.
The situation seen at Village South is typical across the region. Apartment vacancy in Reno is less than 1.2%. That won't change until the apartment inventory goes up.
“We do have a lot of projects in the pipeline. For example there are 2400 units under construction right now," said Reno City Councilwoman Naomi Duerr.
In addition to what is being built, Duerr says there are 4,000 units that have gone through the entitlement process but have yet to start construction.
"So that is over 6,000 units that are coming online in the pretty near future," said Duerr.
Still, Duerr says increasing inventory won't solve all our problems. The real solution, she says, is job training and getting people who already live here to take the new, high-paying jobs.
"I want to see people that live here getting those jobs," said Duerr
That will prevent new people from moving here and slow our need for more housing.