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Long-term renters a growth segment of apartment market (subscriber content)

By John Seelmeyer
Published: Last Updated on

For most folks, renting an apartment has been a way station on the path to homeownership. But developers in Reno believe that a substantial portion of renters now want to continue renting for a long time, and a handful of new complexes are being designed to meet the specific needs of that group.

For instance, The Lewis Group of Companies, which has been continuously operating as a developer and manager of residential properties in the Reno area since 1972, targets long-term renters with its new 126-unit Esprit Townhome Apartments at Geiger Grade and Veterans Parkway at the south edge of Reno.

Gigi Chisel, vice president of the Lewis Group, says a variety of forces are creating the growing demand for long-term apartment rentals.

Some people want to move easily if they get a new job. Others don’t want to tie up money in a house. Some don’t want the hassles of home maintenance. And still others are looking for amenities such as large swimming pools and clubhouses.

Complexes developed for long-term renters are different from traditional apartment projects.

It’s unusual, for instance, for the three-story townhouse style of apartments at Esprit to be available for rent. Usually, Chisel says, townhouses in the Reno area are offered only for sale. Floor plans at the project will range from 1,225 to 1,518 square feet.

All Esprit apartments will have an attached garage offering direct access to the living quarters, and some will have two-car garages.

As residents begin moving into Esprit in mid-2020, its managers will roll out a schedule of community activities. They say the activities are important to the creation of a neighborhood.

“Ongoing resident activities build a sense of community and belonging, all of which encourage long-term renters,” says Chisel.

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