Reno Multifamily Market Report

Market overcomes multiyear delivery spike. Reno experienced the largest vacancy compression among major U.S. rental markets during the 12 months ended in March, reducing vacancy to 3.7 percent. While this would appear to warrant future supply additions, the metro’s pipeline is scant by recent standards — a dynamic that is poised to aid local multifamily fundamentals. As of May, roughly 760 units were under construction, following 3,000 to 5,000 rentals that were underway at any time during 2021-2024. Most of the apartments currently under construction are slated for completion in 2027, limiting near-term competition for newer properties’ stabilization and renewal efforts.