The Tesla Effect: How The Gigafactory Is Assisting In The New Era Of Reno

Reno, also known as the Biggest Little City, better known by non-locals as a cheaper alternative to Vegas. This is the image that Reno has been trying to overcome, especially within the last few years. Any notoriety Reno had received in any national publication was usually based around gaming, the high level of alcoholism, or the drive-thru divorces. As locals, we know that Reno is an amazing place to live, especially for anyone who loves the outdoors. With some of the best ski resorts in the world, and by far one of the most beautiful lakes in the world, within a short car ride from downtown, we are well aware of how great our city is. But Reno has never been known as a great place for a large company to locate to, or even more so, a place to launch the next big startup. That is, until now!

Casinos, dive bars, and quick divorces are making way for luxury condo towers, tech companies, and manufacturing.

With major companies such as Tesla building the gigafactory and Apple’s expansion of their iCloud service coming to the area, Reno is beginning to see a major shift in the way it is being viewed. The casinos, dive bars, and quick divorces are making way for luxury condo towers, tech companies, and manufacturing. We are also beginning to show the nation that we are a hub for the outdoor enthusiast. Whether it is hiking, biking, skiing, exploring the desert, or just enjoying our amazing views, there is no shortage of outdoor activities for one to partake in. But what does all this change mean for the people that are already here, especially the real estate market?

The arrival of these companies means more jobs in our area, and also the relocation of many existing employees into the Reno area. Experts have forecasted a rise in population to the Reno/Sparks region of about 50,000 people over the next five years. According to the Economic Development Authority of Western Nevada (EDAWN), this will require the addition of 9000 new homes per year. We have also begun to see the rise in home prices over the last year. The Reno Sparks Association of Realtors has reported a 17% growth in the median home price. This is good news for current home owners and future sellers. The addition of new homes will also be good for perspective buyers looking for more availability in what is still a scarce market in our area.

This is an exciting time for our not so little town. We are starting to see the effects of a new era coming to Reno and the future looks bright for our little city to prosper and flourish with a new image as Silicon Valley’s little sister.

To see some of the nationally published articles about Reno click here:

http://www.businessinsider.com/tesla-is-the-best-thing-to-happen-to-reno-since-the-gold-rush-2015-6

http://www.wsj.com/articles/reno-sees-future-and-it-isnt-casinos-1445642382

http://www.bloomberg.com/news/articles/2015-04-10/reno-wants-to-be-silicon-valley-s-back-office

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Author: Jered Lehman

REALTOR

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