One R is the newest addition to the Midtown rental stock and the largest infill project yet at 70 Units. Floor plans and rental rates are HERE. All in all about 20% below the asking rents at REDreno aka Park Lane Mall with meager amenities but a walkable location. Where do you want to live?
FYI, this is the current incentive offer at RED:
4 WEEKS FREE + UP TO $2000 GIFT CARD
Our first move-ins are scheduled for January 2021! Our founding residents are eligible to receive four weeks on us and up to $2,000 gift card. Offer valid for a limited time on select apartment homes. Please speak to a leasing associate for details and restrictions.
mike dennis said:
prices are ridiculous.
$2.5-$3k/mo on a 2br would pay the mortgage on a $500-$600k house. Those are still available in midtown, so I’m curious to know who in town is making $100k/year but prefers to rent an apartment rather than buy the house next door.
Tommy H said:
Nice incentives at RED! That’s always a signal of strong demand. I remember getting a 6% co-op commission from Beazer homes in Las Vegas. That was in 2007.
The Bear said:
This whole bubble is held together by a wet band-aid. Good luck.
As a follow on to The Bear, we have no idea where rents are going to land until evictions for non payment are allowed (if ever under the current governor) and subsidies to tenants i.e. rental assistance and stimulus checks end.
The pandemic has stopped any wage inflation that could have put upward pressure on rents. Also, I won’t be surprised at all when Elon Musk announces the closure of GF1. He’s openly called the plant obsolete, stopped construction at 1/8 of initially projected size, and is building plenty of replacement capacity in Shanghai, Brandenburg and Austin, TX
“Don’t make major decisions based on what you think Elon Musk is going to do,” is a rule to live by.
These prices seem very high for what you get. I would feel pretty dispirited moving to Reno if these were my only options. Hard to imagine this being sustainable.
Steve Jobs said:
Over three months now without a new post – Mike, are you still breathing? Is this thing dead? Plenty of new muck to rake from the little I can see from the RGJ. What’s the haps in the biz and Reno real estate development?
An interesting breakout of the impacts material costs and availability are having on new home construction: https://www.bloomberg.com/graphics/2021-us-housing-construction-costs/
I declare this site dead. Having been following it since the days of Dianne Cohn where you all were in 2007 it’s sad to see it go. bantering Bear and others were always a great counterpoint to congenital wisdom. Where all are you posting?
I’m not dead yet! I have over 90 units in production and another 180 on the boards. I’ll be back when I catch my breath.
How dare you let paying work get in the way of online gossip?
Ha! Same train, different car, REreno… Damn if it isn’t busy as hell right now in the Reno/Sparks/WC development market.