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Market Report

Reno Multifamily Market Report

2Q 2023

Developers Get Ahead of Expansions;
Supply Wave to be Absorbed Over Time

Large-scale projects alter market conditions. Reno’s apartment sector is likely to face some near-term volatility as a historically large construction pipeline collides with the highest vacancy rate since 2010. Responding to recent population and economic growth, developers are underway on at least eight projects that each comprise more than 300 rentals — with another four featuring upward of 200 units. The influx of sizable complexes is poised to increase concession usage and vacancy, specifically in inner-ring and outer suburbs where most of these rentals are concentrated. Rising unit availability will translate to a nominal shift in rents this year, maintaining a more than $2,000 gap between the average monthly mortgage payment on a median priced home and the metro’s mean effective rate. This disparity represents a boon for the rental sector, as it will limit housing options for many residents, supporting positive absorption.

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