Reno Rental Rates

Last June, I set up an interview with Patrick Killelea, ambassador of puritanical smart home buying. Whether you agree to his investment principles or not, one thing is for certain, he's been more right than wrong -- preaching the message "rent determines actual house value. The actual value is where the loss from renting is equal to the loss from owning."

Patrick granted me access to his Rental Comps Tool to check on rental values of Reno homes.

Here's what I found out about the Reno rental market (click image to enlarge):

If you click one of the estimtaed property value, it will lead you to this page:

Looking at the above image the most important thing to remember is how home values are calculated using rent income.  Here's the exact numbers on the above example:

"Actual value for 1518 Clear Acre Ln, Reno, NV 89512 is $132,709.
A buyer paying $132,709 will be about even with renter over 7 years."

Other Highlights:

• According to the rental report, a $132,709 home could be rented out for $975 (I agree, perhaps even a bit more.)

• A buyer paying $132,709 will be about even with renter over 7 years.

• The lowest rental price is 2165 Carville for $385/month (1 bedroom).

• The highest price is 426-498 Highland Ave. for $1,300/month (3 bedroom).

• (This is the lowest price for rental homes I've seen in Reno in the last ten years.)

Some things to consider:

• This list does not represent the whole segment of the Reno home rentals (nevertheless helpful).  This is a small piece of the pie. But it gives you an idea on how rental costs in the market versus home values. (Data was largely taken from craigslist ads).

(Go Search for  Reno Real Estate homes)