Reno Multifamily Rental Rates Q1 2023

[Chris Moton]

The apartment rental market in Reno/Sparks leveled off in the first quarter of 2023. For 80+ unit properties, average rental rates increased by $19 per month to $1,644, but this is only $10 more than Q1 last year. Overall vacancy decreased to 2.66% since the last quarter of 2022. This is due to a combination of factors: increased interest rates have made it more difficult to purchase a home, new renters continue to enter the market and job growth. Employment levels in the Reno and Sparks metropolitan statistical area (MSA) are still above pre-pandemic levels and appear to be able to hold strong through 2023.