The World’s Biggest Little City is making a bold comeback
Discover Reno's Real Estate
Reno, Nevada is famously known as “The Biggest Little City in the World\\\'\\\' and is a major gambling and tourism destination. A miniature version of Las Vegas, Reno also offers plenty of outdoor recreational opportunities thanks to nearby Lake Tahoe and a thriving economy, especially in the technology sector. While the city was hit hard by the Great Recession, the future\\\'s looking bright in Nevada’s second largest city and there is a renewed sense of optimism in the air.
Culture, History, and Business
Reno’s early development is linked to the nearby gold and silver mining towns, which resulted in a mining rush to the area in the 1850s. However, it wasn’t until a railroad connecting Sacramento to Utah was built through the area that Reno was officially founded in 1868. The presence of the railroad station helped the new city grow rapidly. In the 1930s, Nevada liberalized its gambling and divorce laws, which resulted in a boom in the casino and divorce industries in Reno, which especially attracted people from nearby Sacramento and the San Francisco Bay Area. Those industries took on less importance towards the end of the 20th century as other states liberalized their own laws.
Today, tourism and gambling remain important parts of the local economy. However, in response to the Great Recession, the city has taken significant steps to diversify the economy. Most notably, it has become a major hub for the technology sector, especially in the realms of advanced manufacturing and data centers. Companies like Tesla, Amazon, and Google all have major operations in and around the city.
Real Estate Appeal
The real estate market in Reno has largely recovered from the significant blow it was dealt in the aftermath of the Financial Crisis. Home prices have been rising steadily, pushed higher in no small part due to the influx of technology workers. That has resulted in homeownership becoming more difficult for Reno residents, which in turn has helped create a large market of renters.
This rental market is boosted by the city’s sizable student population, which numbers over 35,000. In addition, Reno attracts many tourists, both for its gambling and nightlife as well as its proximity to Lake Tahoe. The city is also a major venue for trade shows, particularly in the technology industry. That has made short-term rental properties highly lucrative in Reno.
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