This month’s featured market is Reno, Nevada. This trendy city can offer vacation rental owners a strong return on investment.
Reno is a popular destination for travelers who appreciate having access to both outdoor and urban attractions. The bright lights of Reno’s casino district has attracted visitors for decades, but there’s more to this city than poker chips. Reno boasts several excellent museums, a popular university, multiple sports venues, and a wide variety of restaurants and shopping. Visitors also enjoy golfing, taking a stroll along scenic Truckee Riverwalk, and enjoying year-round shows and performances. Although there is plenty to do in the city, visitors love being close to Lake Tahoe and the beautiful snowy slopes of Mount Rose.
The peak seasons for Reno are spring break in March and April (with an average occupancy rates of 60% or higher) and the summer vacation season (from May through August) in which occupancy rates can rise to 80% and higher.
The median home price is around $350,000, which is substantially less than other popular markets in the state like Vegas and Tahoe. An average three bedroom rental pulls in about $30,500 a year, making this market a fairly affordable option with a sensible rate of return.
In order to meet full income potential, properties in the area must have updated furnishings and decor. Often requested amenities in the area are a hot tub, fireplace, game room, and scenic views. Proximity to the university, downtown, and outdoor recreational areas can add to the property’s appeal.
Do you have more questions about investing in the Reno market? Call (801) 341-9269 to speak to an area expert.