Reno’s Housing Sky is Falling – What You Need To Know

From Mike Kazmierski at Reno Gazette Journal

I hate to sound like Chicken Little, but this is not a new message.  In July of 2015, yes over 18 months ago, I wrote an article titled, “The Impending Housing Crisis”.  That article talked about the 50,000 new jobs we were expecting in the region and the 30,000 to 40,000 new housing units we would need to accommodate that growth.  According to the Bureau of Labor Statistics, we have added more than 20,000 new jobs since then, but added just 4,000 new housing units over the same 18 months.  This is a problem!  At 1.5 jobs per housing unit, a common jobs to housing ratio, we should have produced 13,000 new housing units.  Is there any wonder why our housing prices have doubled, our rental rates are up 30 to 50% and our vacancy rates are at record lows?  So yes, the sky is actually falling and the adverse impacts of failing to meet these growing housing needs will hurt us all.  So what can we do?

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