Report: Apartment vacancies down, rents up in Carson City
Available apartments are hard to find in Carson City.
The vacancy rate for multifamily properties is 1.5 percent, according to a new report by NAI Alliance Carson City.
That is lower than Reno’s 3.64 percent vacancy rate and significantly lower than the 5 percent considered to be a healthy rental market.
The tight market is reflected in the cost. A one-bedroom, one-bath apartment now rents for $880 to $1,435, while a two-bedroom, two-bath unit ranges from $1,250 to $1,710, according to the report.
NAI Alliance is a commercial real estate broker and the remainder of the report covers vacancy rates for industrial, office, and retail space in Carson City. Johnson Perkins Griffin LLC, a Reno real estate appraisal and consulting firm, provided the data for the multifamily vacancy rates.
Much of the new development in Carson City is in multifamily projects. Well over half the building permits issued last year were for apartments, due in part to Carson Hills Apartments, the 370-unit development near the Galaxy Fandango, which pulled all its permits before the end of 2018.
That complex is under construction and other multifamily projects are in the works, including an 143-unit development planned on Cochise Street, an 150-unit complex on G.S. Richards Boulevard, and projects at Lompa Ranch that total more than 600 apartments.