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Updated about 3 years ago,
Reno rental rates for our first investment property
Done lots of research the last few months and feel like I have a grasp on this, but thought it was worth throwing it out to the community here as well.
I am in escrow for a property in old NW Reno. This will be our first rental investment so we are nervous but excited. For reference its a 3/2, fully updated, all new floors, int/ext paint, newly remodeled kitchen/bathroom and appliances. It is definitely a nice and newly updated home, but not huge at just under 1100sf.
As everyone here knows, Reno prices have jumped recently. But (assuming we close next week) we are excited we broke into the market around $375k.
The question to the community here is what is your consensus on current rental rates? As stated we are Old NW, off 7th street near Grace Warner elementary, MaeAnne/McCarran shopping, UNR, etc, so think we have a good chance of getting a young family or some college renters as well.
For 3 bedroom SFH, It seems like the cheapest room rates are in the $600 range, $700 a room is what I see most, and the nicer luxury properties with large garages and bigger yards are in the $800 a room range. I know there are outliers of things slightly cheaper and slightly more expensive, but does anyone agree with this ballpark? Anyone trying to fill their rentals currently or recently?
Our mortgage should come in around $1350. We are thinking of asking $2100, but will still be able to contribute to the maintenance/vacancy account comfortably if we come down to the $1800 range. Not the crazy cash-flow as in other parts of the country, but we are still excited to get started and be in the green.
Thanks for any input!