Rentals on the Rise While Sales Remain Slow - KTVN Channel 2 - Reno Tahoe Sparks News, Weather, Video

Rentals on the Rise While Sales Remain Slow

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It's barely after noon and Dave Martin with Dickson Realty in Sparks has already taken more than two dozen phone calls.

"We used to get an average of about 25 calls a day from people inquiring about rentals, but now it's more like 40 in a day!" The rental market is very strong right now.

Rentals are in demand for a couple of reasons. For starters, housing sales are slow.

"We have a lot of interest in sales but there's hardly any inventory. Most people are not selling unless they have to. In fact there are only 728 homes up for sale right now in this area. That's hardly anything and every house seems to be getting multiple offers," says Amy Shocket with Dickson Realty. "So this is really a seller's market. Everything that is for sale is selling."

That leaves a lot of folks renting instead.

"With few houses on the market," Martin says, "It seems people are just waiting to see what happens with the economy before they jump in and buy. That keeps more in the rental market for longer."

And Martin says that leaves his industry sitting pretty for now.

Written by Erin Breen

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