<![CDATA[Since 2009 the section has enjoyed a drop in vacancies from around 8% down to 4.6% at the end of the third quarter of 2012 mirroring rates in 2001 according to Victor Calaung NREI columnist . Calaung continues, indicating that effective rents have risen for the past 11 quarters and to date, landlords have not felt much pressure to offer significant concessions. Further, According to USA Today , quoting The National Association of Realtors, Rents for apartments will increase 4.6% nationally next year following an increase of 4.1% this year. Nevertheless, the Reno area still is around 5.7% vacancy rate Cap rates are still low at around 6.3% reflecting investors’ interest. Seven Apartment Complexes in the Reno area have sold in the $25,000 to $49,000 per unit in the last year. All in all, with little new construction in this area we should see a gradual rise in cap rates over the next year.]]>
December 24, 2012December 24, 2012
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