Reno Multifamily Market Report

Mid-tier rentals outperform. While employment growth picked up over the first four months of 2025, job losses in some sectors have implications for renter demand going forward. The number of people working in trade, transportation and utilities fields, who often fall into the Class C renter pool, contracted by 3 percent in 2024. Staff counts have also dipped among leisure and hospitality employers. If this trend continues, it may present a future headwind for Class C vacancy, following a 30-basis-point year-over-year increase in March. Class A vacancy, meanwhile, was impacted by elevated development last year; a metro-high vacancy rate of 5.9 percent was sustained through this spring. Amid these hurdles, Class B rentals may be set to outperform. Mid-tier vacancy fell to 3.7 percent entering April, below other tiers, supporting accelerated rent growth.