Rents in Carson City are going in one direction – up – according to new data released by the U.S. Department of Housing and Urban Development.
The monthly cost of a one-bedroom unit in the capital city went from $853 in fiscal year 2022 to $980 in fiscal year 2023. The cost of a two-bedroom unit went from $1,108 to $1,273, and the cost of a three-bedroom unit soared from $1,574 to $1,809.
HUD publishes fair market rents every year – before the federal fiscal year begins in October – and they span metropolitan areas across the country. The data is used for federal housing programs but also provides a snapshot of local markets. According to the HUD website, the fair market rent is the 40th percentile of gross rents for “typical” units in a given area – rent plus utilities.
Data provided by the U.S. Department of Housing and Urban Development showing fair market rents throughout Nevada.
The National Low Income Housing Coalition said HUD’s release this year adjusted for inflation by incorporating rental data from private companies, such as RealPage, Moody’s Analytics, and Zillow, among others. This better captured local data, according to the nonprofit organization.
Carson is not the only Nevada area with high rents. Douglas County came in for the new fiscal year at $1,080 for a one-bedroom unit, $1,300 for a two-bedroom unit, and $1,848 for a three-bedroom unit.
Lyon County, for fiscal year 2023, is seeing rents at $926 for a single-bedroom unit, $1,097 for a two-bedroom unit, and $1,559 for a three-bedroom.
The highest fair market rents in the state, according to HUD, are in Reno. The Reno metropolitan area beats even Las Vegas at $1,256 for a one-bedroom, $1,585 for a two-bedroom, and $2,253 for a three-bedroom unit.