Record-Breaking Apartment Sales as Population Growth Propels Demand
Reno’s multifamily market fundamentals have maintained their positive momentum at the start of 2022 with record-breaking sales, healthy occupancy, and steady rent growth. A staggering $424 million in quarterly sales volume has overshadowed previous single-quarter sales totals. Occupancy has remained elevated in recent quarters, though recent deliveries have outpaced demand, pushing occupancy down 20 basis points quarter-over-quarter. While rent growth hasn’t been as explosive as it was throughout 2021, market average effective rents are still up 12.1 percent year-over-year. Northern Nevada has emerged from the past two years of the pandemic with robust renter demand as residents continue to pour into the region.
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