New research shows that rents in Reno have increased 5.8% over the past year, according to data from the Nevada State Apartment Association. The average asking rent in the city is now $1,727, just $40 below the national average.
Reno’s rental market remains strong, with an occupancy rate of 91.2%, up from 87% a year ago. The data also showed 1,404 units are currently under construction, with the highest concentrations in the North Valleys, Downtown Reno, Sparks, and central Reno near the Reno-Tahoe International Airport.
Statewide, Nevada’s multifamily markets continue to benefit from population growth, job expansion, and in-migration, which have supported both rental demand and occupancy.
Meanwhile, Las Vegas has seen stable rental prices over the last quarter, with the average rent at $1,456.
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