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Market Report

Reno Multifamily Market Report

3Q 2022

Industrial Expansion and Household Growth Spawn
Suburban Unit Surge and Core Revitalization

Rental developers active near logistics and manufacturing hub. Reno is slated to register the largest multifamily inventory gain among major U.S. markets in 2022. The boost to stock will extend a four-year streak of elevated construction that by December will have increased the metro's unit count by nearly 20 percent. South Reno has and will continue to represent the epicenter of supply additions, with a group of larger projects delivering in the second half. The submarket's Tahoe-Reno Industrial Center is the primary source of developer confidence. The industrial park features a growing corporate tenant roster that will include Redwood Materials, who announced plans this summer to build an EV battery operation that will create more than 1,500 full-time jobs. This facility and future job creation by existing tenants, including Tesla, Google and Walmart, will allow the near-term influx of new units to be absorbed over time.
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