Last year a nationwide study named Reno the second best city in the United States for buying a home, based on relatively low home costs and high incomes.
In Reno, property values are on the rise while property taxes are among the lowest of any American city. That's a recipe for investment success.
However, there are aspects of investing in Reno that require careful attention. For example, while there are plenty of detached homes with yards that are great for families, the city's school districts score poorly.
For that reason, it's important to be aware of the quality of schools in the different neighborhoods.
Ideal Reno Neighborhoods to Invest In
South Reno has been ranked as the top neighborhood to live in in Reno, and one of the top neighborhoods in Nevada overall.
South Reno has low crime, high average incomes, and good home values. The schools are better than elsewhere in Reno, which means it's an attractive destination for young families.
South Reno is a friendly neighborhood that's relatively quiet and safe. It's an ideal destination for outdoor enthusiasts and dog owners because there are plenty of parks and paths, and the roads aren't busy.
New housing developments have been popping up recently, which means there are plenty of opportunities to purchase a brand new property in South Reno.
One of the best places to live in Reno is definitely Old Southwest, which also takes the title of the oldest neighborhood in the city.
Old Southwest is close both to midtown and downtown, and has convenient highway access too.
This central location means that in Old Southwest you're never far from where you need to go.
Many of the homes in Old Southwest are brick homes between 50 and 100 years old, with big old trees lining the streets.
House prices vary greatly, as there are small brick homes in proximity to mansions. The neighborhood has plenty of green space as well, including the ever popular Idlewild Park.
For those looking for a beautiful area filled with character and convenient access to Reno's best amenities, there's no better neighborhood than Old Southwest.
Carson City is a medium-sized city, the sixth largest in the state. It's a short trip 30 miles from Reno, and offers more of a small-town feel, for those looking for convenient amenities in more of a quaint setting.
Carson City's appeal to families makes it attractive for property owners, as families with children in school are often good long-term tenants.
Carson City is near Lake Tahoe, as well as endless hiking and biking trails. Snow sport enthusiasts will appreciate its proximity to Heavenly Ski Resort, one of the most beautiful in the country.
There are financial incentives for investing in Carson City as well, including lower house price costs and government rebates for living in rural areas.
Thinking of investing in a rural area near Reno? Cold Springs has a population of fewer than ten thousand people, yet it's a short twenty minute from Reno in good traffic conditions.
Cold Springs offers rugged natural outdoors, but it has been undergoing real estate development in the last decade and is poised to continue growing.
The population has nearly tripled in the past twenty years, so it's a dynamic housing market too: an appealing combination for investors.
Like Cold Springs, Spanish Springs is another small census-designated place that's a short drive from Reno, with affordable house costs in close proximity to The Biggest Little City in the World.
Spanish Springs offers some truly wild opportunities, including homes located on mountain peaks.
Spanish Springs has an interesting historical background, as its Sky Ranch Airport was the site of rocket tests by NASA in the '60s and '70s.
Today, the Sky Ranch airstrip is covered by developments, as real estate prospects in the area continue to grow.
Another interesting tidbit about Spanish Springs is that Spanish Springs High School offers a course in Northern Paiute, a Uto-Azetecan language with fewer than two thousand speakers.
If you're looking for a real estate investment in the middle of the action in Reno, you'll want to consider MidTown.
Midtown is an up-and-coming area that's popular with young people because of its eclectic retail shops, interesting restaurants, vibrant nightlife, and trendy coffee shops.
MidTown can be noisy, but this is compensated for by the wealth of things to do in the area.
There are plenty of old buildings and historic landmarks that have been repurposed as new business locations. If you're looking to invest in a neighborhood with a lot of soul and character, MidTown may be just what you're looking for.
The Bottom Line
There's a reason why Reno was named the best small city in the country this year.
Visitors to Reno know it's set amidst stunning natural features, including the dramatic backdrop of the snowy Sierra Nevada mountains.
The city is endlessly sunny, which means it's a perfect location for retirees and young families alike, as well as those drawn to the city's nightlife.
The city's real estate market continues to show strong signs, as demand has been driven up by skilled workers relocating to Reno for new tech jobs, as well as outdoor enthusiasts attracted to the hiking, biking, and more.
Because so many people are working from home lately due to the ongoing global pandemic, small cities are seen by many as being the future. For that reason, the Biggest Little City in the World is a great bet for real estate investors.
If you own rental property in Reno or are considering entering the market, Evolve Nevada has been providing expert property management services in the area for decades.
Get in touch today to learn more about how we can help your Reno-area real estate investment thrive.