Northern Nevada's Demand for Luxury Apartments and Affordable Housing
Developers have broken ground on the Vida Luxury Living apartment homes in northwest Reno. It's the latest project in a line of luxury living in northern Nevada.
Developers broke ground on the Vida Luxury Living apartment homes in northwest Reno on Tuesday. It's the latest project in a line of luxury living in northern Nevada.
Shannon Diehl, director of FPI Management, says because people are being priced out of houses right now, more people are looking to live in apartments.
“The need for just the traditional apartment home is no longer there, now it's a high end luxury living,” says Diehl. “We're catering to professionals, young families that are priced out of that housing market, that still want to have that luxury lifestyle."
The 20 acre development site will feature a slew of amenities including a bocce ball court and a private dog park. The 312 unit community will offer one, two and three bedroom homes, and the first renters will move in by May of 2019.
Pricing for the units have yet to be announced because developers say the market could change in the next two years.
“With the housing prices going up, apartments are going up, there's really no availability,” says Diehl. “The housing shortage is a real thing right now so it's hard to quote a price for a community that's not going to be leasing till the summer of 2018."
Eric Novak, with Praxis Consulting, says affordable housing communities are needed more so than luxury apartments right now, especially because it's so hard to find a place to live.
“There’s a demand all across the market right now, but I think we’re going to reach saturation at some point for that high end market,” says Novak. “The median rent in Washoe County right now is about $1,100 a month and vacancy rates are at an all-time low.
Mike Kazmierski with EDAWN says with companies like Google and Tesla making their way into northern Nevada, luxury apartments will continue to sell, meaning the construction of any homes are good for the market.
"As that demand keeps going up, prices go up, if we can get supply to be at a point where we have as much supply as we have demand, prices will stabilize and could even go down over the long run as we continue to build,” says Kazmierski.