Home > News > Reno forms advisory board to combat rising rents

Reno forms advisory board to combat rising rents

By ThisIsReno

By Kelsey Penrose

A new city advisory board is forming to focus on the challenges facing renters in Reno’s current housing market. Reno Councilmember Jenny Brekhus is spearheading creation of the “Tenants Issues and Concerned Citizen Advisory Board,” and appointments are being made for citizens to serve on the board.

“We updated the master plan about three year…

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Councilwoman Jenny Brekhus
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Connie Citizo January 27, 2020 - 12:53 am

The problem with the rental market is completely caused by greedy investors. When the stock market became too risky and scary to them in the last recession, they all started to invest in real estate instead. Whether it’s a group of investors owning multiple rentals and expecting a certain percentage of return or it’s an individual investor buying a few homes and wanting more than the mortgage payment, it is driving prices ridiculously high for the market in Reno. Fair market value is not fair market value in a town with such low wages. Thank all the seminars telling people to become a millionaire by buying a million dollars worth of real estate and renting it out. Wait until the market corrects itself again and property values take a dive or your tenants cause tens of thousands of dollars of damage to an investment rental. Real estate is more risky than most people realize.

Heather D Searles January 27, 2020 - 10:55 pm

Your so right. Reno has become greedy. California investors buying up property and kicking people out. Supposedly remodeling but not. None of its justified to raise rent nearly 47%. Lifetime residents are being treated unfairly. I was displaced from my home in 2018 after living there for 15yrs. Property only has six units, and everybody had to leave. Rent went from 585 to 1000. For a one bed. The remodeling idea is a joke. Like I said I was there 15yrs, never had new paint, had same carpet, took forever to get things done. The things they are fixing is stuff that should of been done yrs before. Something has to be done. It’s sad to drive around and see so many homeless.

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