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Market Report

Reno Multifamily Market Report

2024 Investment Forecast

Reno’s Notable Rate of Household Formation Generates
Renter and Investor Demand Across Property Tiers

Net absorption overtakes supply additions, after a record year for completions. The outlook for Reno’s rental sector is positive as the metro continues to rank among the nation’s fastest-growing markets. Specifically, the local household count is expected to increase by 2.3 percent in 2024, landing in the top five among major U.S. markets. This standout pace of household formation coincides with a pullback in apartment deliveries, which will aid the record number of units completed last year that have yet to secure renters. Existing Class B and C properties also stand to benefit from the same strong household formation, with the latter segment’s vacancy rate well positioned to fall below its long-term average this year. Looking beyond 2024, local economic growth — highlighted by large-scale expansions at the Tahoe-Reno Industrial Center — is anticipated to support a steady rate of net in-migration for the foreseeable future. This dynamic suggests Class A and B vacancy rates will return to their tighter historical averages over time.
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