{"id":34191,"date":"2022-07-27T13:26:35","date_gmt":"2022-07-27T13:26:35","guid":{"rendered":"https:\/\/cjstudents.com\/?p=34191"},"modified":"2022-07-27T13:26:35","modified_gmt":"2022-07-27T13:26:35","slug":"apartment-rent-hits-reno-students-hard-as-housing-affordability-wanes","status":"publish","type":"post","link":"https:\/\/cjstudents.com\/index.php\/2022\/07\/27\/apartment-rent-hits-reno-students-hard-as-housing-affordability-wanes\/","title":{"rendered":"Apartment rent hits Reno students hard as housing affordability wanes"},"content":{"rendered":"<p> [ad_1]<\/p>\n<div>\n<figure class=\"gnt_em gnt_em__fp gnt_em_img\"><img class=\"gnt_em_img_i\" style=\"height:501px\" src=\"https:\/\/www.gannett-cdn.com\/presto\/2022\/07\/19\/PREN\/d2f1c014-ce70-464e-b921-73ba1b773cd6-MaKenna_Alford_3.jpg?width=660&amp;height=501&amp;fit=crop&amp;format=pjpg&amp;auto=webp\" elementtiming=\"ar-lead-image\" srcset=\"https:\/\/www.gannett-cdn.com\/presto\/2022\/07\/19\/PREN\/d2f1c014-ce70-464e-b921-73ba1b773cd6-MaKenna_Alford_3.jpg?width=1320&amp;height=1002&amp;fit=crop&amp;format=pjpg&amp;auto=webp 2x\" decoding=\"async\" alt=\"UNR student MaKenna Alford stands outside of the townhouse where she lives in Reno on July 15, 2022. \"\/><\/figure>\n<p class=\"gnt_ar_b_p\">Off-campus student housing apartments are a common choice for many students.<\/p>\n<p class=\"gnt_ar_b_p\">However, they are pricey, ranging from $700 to $1,000 a month \u2014 depending on how many roommates a student has. Many students struggle to keep up on payments when they have to go to school full-time and work on the side.<\/p>\n<p class=\"gnt_ar_b_p\">When Reno and Sparks saw population spikes due to the mass migration to this area when\u00a0the pandemic eased in 2021, rents\u00a0surged. Student housing was no exception.<\/p>\n<p class=\"gnt_ar_b_p\">\u201cThere was a lot of demand [here] for housing in 2021,\u201d said Susy Vasquez, interim executive director for the Nevada State Apartment Association. \u201cAnd there wasn\u2019t a whole lot of supply because people weren\u2019t moving [out], so people were trying to move into places that just didn\u2019t exist.\u201d\u00a0<\/p>\n<aside aria-label=\"advertisement\" class=\"gnt_m gnt_x gnt_x__lbl gnt_x__al\"\/>\n<p class=\"gnt_ar_b_p\">Northern Nevada rental rates sit\u00a0in line with typical rates nationally, according to Vasquez. In the past four years,\u00a0Reno&#8217;s <a target=\"_blank\" href=\"\/story\/news\/money\/business\/2022\/05\/19\/reno-sees-2nd-highest-rent-increase-among-us-cities-since-pandemic-zillow-apartments-nevada-housing\/9825892002\/\" rel=\"noopener\" data-t-l=\":b|e|inline click|${u}\" class=\"gnt_ar_b_a\">rents increased<\/a> at the highest rate\u00a0among U.S. mid-size cities, and second-highest\u00a0overall.\u00a0From 2019 to 2022, the\u00a0Reno-Sparks metro area saw its median rent jump\u00a0by just over 36% to $1,624 per month.<\/p>\n<p class=\"gnt_ar_b_p\">Those<a target=\"_blank\" href=\"\/\/www.rgj.com\/story\/news\/money\/business\/2022\/05\/19\/reno-sees-2nd-highest-rent-increase-among-us-cities-since-pandemic-zillow-apartments-nevada-housing\/9825892002\/\" rel=\"noopener\" data-t-l=\":b|e|inline click|${u}\" class=\"gnt_ar_b_a\"> high rents<\/a> have put financial stress on\u00a0lower income groups and\u00a0full-time university students.\u00a0The Reno Gazette Journal reached out to some of those students to get a sense of what the struggle to rent in Reno looks like.<\/p>\n<aside aria-label=\"advertisement\" class=\"gnt_m gnt_x gnt_x__lbl gnt_x__al\"\/>\n<h3 class=\"gnt_ar_b_h2\">MaKenna\u2019s story<\/h3>\n<p class=\"gnt_ar_b_p\">In April,\u00a0after a full day of classes and work,\u00a0MaKenna Alford, a senior at the University of Nevada, Reno, got\u00a0an eviction notice. Her account registered\u00a0an outstanding balance of about $2,000.\u00a0<\/p>\n<p class=\"gnt_ar_b_p\">Alford, a criminal justice major, has been struggling to scrape by month to month with a hefty rent bill along with a surplus of late fees. Financially, she is drowning.<\/p>\n<figure class=\"gnt_em gnt_em_img\"><img class=\"gnt_em_img_i\" style=\"height:466px\" data-g-r=\"lazy\" data-gl-src=\"https:\/\/www.gannett-cdn.com\/presto\/2022\/07\/19\/PREN\/9f8e1853-a626-434b-9a7c-dffd0a9d1bfe-MaKenna_Alford_2.jpg?width=660&amp;height=466&amp;fit=crop&amp;format=pjpg&amp;auto=webp\" data-gl-srcset=\"https:\/\/www.gannett-cdn.com\/presto\/2022\/07\/19\/PREN\/9f8e1853-a626-434b-9a7c-dffd0a9d1bfe-MaKenna_Alford_2.jpg?width=1320&amp;height=932&amp;fit=crop&amp;format=pjpg&amp;auto=webp 2x\" decoding=\"async\" alt=\"UNR student MaKenna Alford stands outside of the townhouse where she lives in Reno on July 15, 2022. \"\/><\/figure>\n<p class=\"gnt_ar_b_p\">\u201cYou know I\u2019m a student, and I work \u2014 so sometimes I struggle,\u201d Alford said. \u201cI\u2019ve been trying to make a payment plan [to help with late fees].\u201d<\/p>\n<p class=\"gnt_ar_b_p\">In November, she\u00a0reached out to management in an email about paying her bill with a plan to prevent late fees that would ease her struggles. She got no reply.<\/p>\n<p class=\"gnt_ar_b_p\">A few months later, during the spring semester, Alford received an eviction notice. The new management company offered no compromise.<\/p>\n<aside class=\"gnt_em gnt_em_anc\" id=\"gnt_atomsnc\" data-g-r=\"lazy\" data-gl-method=\"loadAnc\" aria-label=\"Newsletter signup form\"\/>\n<h3 class=\"gnt_ar_b_h2\"><span style=\"color:inherit\" open=\"\" sans=\"\" helvetica=\"\" neue=\"\" arial=\"\" sans-serif=\"\" font-size:=\"\">Isabel\u2019s story<\/span><\/h3>\n<p class=\"gnt_ar_b_p\">Isabel Pe\u00f1aloza, an international graduate student from Ecuador, lived at the YOUnion apartments, paying roughly $751 for a room in an apartment with four roommates.\u00a0<\/p>\n<p class=\"gnt_ar_b_p\">She enjoyed the amenities, furnishings and\u00a0friendly\u00a0management. With distracting, partying roommates,\u00a0Pe\u00f1aloza had trouble finding a quiet place to study.<\/p>\n<p class=\"gnt_ar_b_p\">\u201cI am a person who does not party and studies and goes to university to study,&#8221;\u00a0Pe\u00f1aloza said.\u00a0&#8220;So I think they don\u2019t have that separation between people that don\u2019t care and people that really care about their studies.&#8221;<\/p>\n<p class=\"gnt_ar_b_p\">To find the right space, she had to rent a room\u00a0for $862 a month\u00a0with just one roommate \u2013\u2013 an extra $100 a month.\u00a0<\/p>\n<h2 class=\"gnt_ar_b_h2\">Will there be any relief for Reno students and residents?<\/h2>\n<p class=\"gnt_ar_b_p\">In the Reno-Sparks area, housing authorities\u00a0hope for a rent slowdown.<\/p>\n<p class=\"gnt_ar_b_p\">\u201cWe\u2019re finally seeing that slowdown that we actually should\u2019ve gone through just before the pandemic,\u201d Vasquez said. \u201cRents are stabilizing and we\u2019re not seeing the year-over-year growth that we have in 2021 or years prior.\u201d\u00a0<\/p>\n<p class=\"gnt_ar_b_p\">Currently, there are 4,508 units under construction in Washoe County, according to Vasquez. As more units are added, the NVSAA\u00a0expects that in 2024 to 2025, the year-over-year growth will drop to 5%, which is significantly lower than what they\u2019ve seen in the last few years.\u00a0<\/p>\n<p class=\"gnt_ar_b_p\">However, the majority of these units are\u00a0not specifically for\u00a0students.<\/p>\n<p class=\"gnt_ar_b_p\">Student housing is mostly reliant on enrollment rates at the university. More students usually means a need for more housing options near campus.<\/p>\n<aside class=\"gnt_em gnt_em_vp__tp gnt_em__el\" aria-label=\"Video - US inflation hits highest rate in 4 decades\">\n<div class=\"gnt_em_vp_w\" data-g-r=\"vp_tp\" data-c-vt=\"teal\" data-t-pl=\"teal-storyinline\"><button class=\"gnt_em_vp_a gnt_em_vp__tp_a\" data-g-r=\"vp_tg\" data-c-vpattrs=\"{&quot;muted&quot;:false,&quot;bContent&quot;:false,&quot;an&quot;:&quot;nv-reno-C1011&quot;,&quot;pn&quot;:&quot;Reno Gazette Journal&quot;,&quot;vidNum&quot;:2}\" data-c-vpdata=\"{&quot;adsEnabled&quot;:true,&quot;awsPath&quot;:&quot;news\/national&quot;,&quot;byline&quot;:&quot;&quot;,&quot;canonicalURL&quot;:&quot;&quot;,&quot;contentSourceCode&quot;:&quot;APDM&quot;,&quot;createDate&quot;:&quot;2022-07-13T17:26:44Z&quot;,&quot;credit&quot;:&quot;AP&quot;,&quot;duration&quot;:127000,&quot;headline&quot;:&quot;US inflation hits highest rate in 4 decades&quot;,&quot;hlsURL&quot;:&quot;https:\/\/hlsmedia.gannett-cdn.com\/authoring\/video-renditions\/18c8f9ac-9a85-465b-8d2b-9343937df1fd\/04a42880-a91f-478b-9dbf-47b09db6a9b6\/1080p_30fps,720p_30fps,480p_30fps,master.m3u8?subtitles=10049814002&quot;,&quot;id&quot;:&quot;10049814002&quot;,&quot;image&quot;:{&quot;url&quot;:&quot;https:\/\/www.gannett-cdn.com\/authoring\/video-thumbnails\/18c8f9ac-9a85-465b-8d2b-9343937df1fd_poster.jpg&quot;,&quot;opto&quot;:true},&quot;initialPublishDate&quot;:&quot;2022-07-13T17:26:44Z&quot;,&quot;keywords&quot;:&quot;USAT Video&quot;,&quot;mp4URL&quot;:&quot;https:\/\/downloadmedia.gannett-cdn.com\/authoring\/video-renditions\/18c8f9ac-9a85-465b-8d2b-9343937df1fd\/04a42880-a91f-478b-9dbf-47b09db6a9b6\/1080p_30fps.mp4&quot;,&quot;origin&quot;:&quot;AP Domestic&quot;,&quot;pageURL&quot;:{&quot;long&quot;:&quot;https:\/\/www.usatoday.com\/videos\/news\/nation\/2022\/07\/13\/us-inflation-hits-highest-rate-4-decades\/10049814002\/&quot;},&quot;promoBrief&quot;:&quot;US Inflation soared 9.1% compared to last year. Surging prices for gas, food and rent catapulted inflation to a new 40 year high in June, further pressuring households and likely forcing another large interest rate hike by the Federal Reserve. (July 13) (AP Video\/ David R. Martin)&quot;,&quot;propertyName&quot;:&quot;USATODAY&quot;,&quot;publishDate&quot;:&quot;2022-07-13T17:26:44Z&quot;,&quot;series&quot;:&quot;&quot;,&quot;ssts&quot;:{&quot;section&quot;:&quot;news&quot;,&quot;subsection&quot;:&quot;nation&quot;,&quot;topic&quot;:&quot;&quot;,&quot;subtopic&quot;:&quot;&quot;},&quot;tags&quot;:[{&quot;id&quot;:&quot;68532648-1f35-4dac-a1dd-26cd518c074d&quot;,&quot;name&quot;:&quot;USAT Video&quot;}],&quot;title&quot;:&quot;US inflation hits highest rate in 4 decades&quot;,&quot;url&quot;:&quot;\/videos\/news\/nation\/2022\/07\/13\/us-inflation-hits-highest-rate-4-decades\/10049814002\/&quot;}\" aria-label=\"Play video\"><img alt=\"\" class=\"gnt_em_vp_img\" data-g-r=\"lazy vp_po\" data-gl-src=\"https:\/\/www.gannett-cdn.com\/authoring\/video-thumbnails\/18c8f9ac-9a85-465b-8d2b-9343937df1fd_poster.jpg?width=660&amp;height=371&amp;fit=crop&amp;format=pjpg&amp;auto=webp\" data-gl-srcset=\"https:\/\/www.gannett-cdn.com\/authoring\/video-thumbnails\/18c8f9ac-9a85-465b-8d2b-9343937df1fd_poster.jpg?width=1320&amp;height=742&amp;fit=crop&amp;format=pjpg&amp;auto=webp 2x\" decoding=\"async\"\/><svg class=\"gnt_em_vp_svg\"><use xlink:href=\"#gnt_svg_video_play\"\/><\/svg><\/button><\/div>\n<\/aside>\n<p class=\"gnt_ar_b_p\">However, enrollment rates in\u00a0U.S. undergraduate programs have\u00a0declined by 1.4 million during the pandemic years. UNR has been\u00a0no exception to this decline. Enrollment numbers there have been at a standstill since the 2019 peak, with barely any increases in the last three years.<\/p>\n<p class=\"gnt_ar_b_p\">Since the university has been seeing slower enrollment rates, demand for student apartments will begin to level out if the enrollment does not rise, according to Brian Bonnenfant, of the Center for Regional Studies at UNR.\u00a0<\/p>\n<aside aria-label=\"advertisement\" class=\"gnt_m gnt_x gnt_x__lbl gnt_x__al\"\/>\n<p class=\"gnt_ar_b_p\">As\u00a0demand levels out and apartment supply\u00a0increases, competition in the housing market will\u00a0grow as students look for the most accommodating and affordable choice.<\/p>\n<h2 class=\"gnt_ar_b_h2\">Trading the apartment for a house<\/h2>\n<p class=\"gnt_ar_b_p\">Pe\u00f1aloza later\u00a0found a house with three roommates for $710 a month \u2014 plus utilities.<\/p>\n<p class=\"gnt_ar_b_p\">Financially, she has been in a better position. Pe\u00f1aloza landed a research job where she gets paid for 40 hours and a\u00a0scholarship that pays 75% of her tuition.\u00a0<\/p>\n<p class=\"gnt_ar_b_p\">However,\u00a0since demand for single-family houses will remain the same \u2014 especially for students wanting to live close to the university \u2014 and the supply will stay limited, rental\u00a0houses near campus are expected to have a higher growth in rent than apartments.\u00a0<\/p>\n<p class=\"gnt_ar_b_p\">Houses, Bonnenfant said, tend to be the top of the food chain as far as options go.\u00a0<\/p>\n<h2 class=\"gnt_ar_b_h2\">Where&#8217;s the cheapest rent for students?\u00a0<\/h2>\n<p class=\"gnt_ar_b_p\">The cheapest apartment\u00a0option\u00a0near the campus is at Wolf Run Vintage.<\/p>\n<p class=\"gnt_ar_b_p\">For a student wanting to rent in a six-bedroom, five-bathroom\u00a0in a building built in 1961, it\u2019s $649 a month per resident, according to Bonnenfant.<\/p>\n<p class=\"gnt_ar_b_p\">Apartments like Wolf Run that have been around longer add incentives, amenities and other benefits to compete with\u00a0newer options\u00a0\u2014\u00a0like Park Place Apartments, Identity Apartments,\u00a0<a target=\"_blank\" href=\"\/story\/news\/money\/business\/2020\/09\/28\/nevada-dianda-construction-plenium-builders-name-change\/3536737001\/\" rel=\"noopener\" data-t-l=\":b|e|inline click|${u}\" class=\"gnt_ar_b_a\">HERE Reno<\/a> and the Academy at Reno.\u00a0<\/p>\n<p class=\"gnt_ar_b_p\"><strong class=\"gnt_ar_b_al\">High-end units opening in 2023:<\/strong><a target=\"_blank\" href=\"\/story\/news\/money\/business\/2022\/04\/12\/luxury-apartment-multifamily-project-edison-university-nevada-reno\/7284380001\/\" rel=\"noopener\" data-t-l=\":b|e|spike click:42|${u}\" class=\"gnt_ar_b_a\">Reno gets another luxury apartment project with The Edison near UNR<\/a><\/p>\n<p class=\"gnt_ar_b_p\">HERE Reno apartments are expected to open in the fall semester with 636 bed\u00a0openings, according to Robert Patrick, a student worker at HERE Reno.<\/p>\n<p class=\"gnt_ar_b_p\">The Academy Reno apartments are expected to open for the 2023 school year, with 755 beds being built.<\/p>\n<p class=\"gnt_ar_b_p\">\u201cAs you get more supply, [there will] probably be at least a plateau [in rent],\u201d Bonnenfant said. \u201cThe competition is going to get fierce.\u201d<\/p>\n<aside class=\"gnt_em gnt_em_cp\" aria-label=\"Top Stories from the West\" data-c-cta=\"MUST READS\">\n<div class=\"gnt_em_cp_cw\"><img class=\"gnt_em_cp_cw_i\" data-g-r=\"lazy\" data-gl-src=\"https:\/\/www.gannett-cdn.com\/presto\/2022\/07\/25\/PREN\/ee8c5dd4-bc94-4070-accb-30124ad621d4-Smoke_1.jpg?crop=1617,1213,x191,y0&amp;width=258&amp;height=193&amp;format=pjpg&amp;auto=webp\" data-gl-srcset=\"https:\/\/www.gannett-cdn.com\/presto\/2022\/07\/25\/PREN\/ee8c5dd4-bc94-4070-accb-30124ad621d4-Smoke_1.jpg?crop=1617,1213,x191,y0&amp;width=516&amp;height=386&amp;format=pjpg&amp;auto=webp 2x\" decoding=\"async\" alt=\"\"\/><\/div>\n<\/aside>\n<p class=\"gnt_ar_b_p\">As new student apartment housing begins to expand with more beds and better amenities, the market could\u00a0see drops in prices or at least expansion in incentives and accommodations as students are opened up to more housing options.\u00a0<\/p>\n<p class=\"gnt_ar_b_p\"><em>Jaedyn Young is an intern reporter who is \u00a0a junior at the Reynolds School of Journalism at the University of Nevada, Reno.<\/em><\/p>\n<\/div>\n<p>[ad_2]<br \/>\n<br \/><a href=\"https:\/\/www.rgj.com\/story\/news\/2022\/07\/27\/apartment-rent-hits-reno-sparks-nevada-unr-college-students-apartments-housing-costs-climb-zillow\/10102292002\/\">Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>[ad_1] Off-campus student housing apartments are a common choice for many students. However, they are&#8230;<\/p>\n","protected":false},"author":1,"featured_media":34192,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[25],"tags":[],"class_list":["post-34191","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-research"],"_links":{"self":[{"href":"https:\/\/cjstudents.com\/index.php\/wp-json\/wp\/v2\/posts\/34191","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/cjstudents.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cjstudents.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cjstudents.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/cjstudents.com\/index.php\/wp-json\/wp\/v2\/comments?post=34191"}],"version-history":[{"count":1,"href":"https:\/\/cjstudents.com\/index.php\/wp-json\/wp\/v2\/posts\/34191\/revisions"}],"predecessor-version":[{"id":34193,"href":"https:\/\/cjstudents.com\/index.php\/wp-json\/wp\/v2\/posts\/34191\/revisions\/34193"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cjstudents.com\/index.php\/wp-json\/wp\/v2\/media\/34192"}],"wp:attachment":[{"href":"https:\/\/cjstudents.com\/index.php\/wp-json\/wp\/v2\/media?parent=34191"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cjstudents.com\/index.php\/wp-json\/wp\/v2\/categories?post=34191"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cjstudents.com\/index.php\/wp-json\/wp\/v2\/tags?post=34191"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}