Recovering Sales Volume After a Second Quarter Dip
Northern Nevada’s multifamily market has seen strong investment activity, healthy rent growth, and a robust construction pipeline. While sale volume dipped in the middle of the year, strong first and third quarter activity has kept annual investment afloat. The Reno market has also seen average rents grow to nearly $1,600 per unit, up 3.4 percent year-over-year. Though occupancy has dropped since the market high of 97.4 percent in late 2021, current occupancy is virtually identical to the pre-pandemic rate of early 2020. The next year should see more than 2,600 new units deliver, which will account for roughly 5.4 percent of existing inventory.
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