Lee & Assosciates 2025 Q3 Reno NV Multifamily

Market Overview

‍Reno’s multifamily market is quietly tightening as demand begins to outpace the recent wave of supply. Vacancy has improved to about 7.8 percent, down from 9.5 percent a year ago, and average asking rent is roughly $1,664 per unit. New deliveries have slowed and the construction pipeline is thin with only about 131 units underway. With limited new product coming online, conditions are shifting in favor of steadier rent growth through 2026.

‍About Lee & Associates

‍Lee & Associates is a full-service commercial real estate advisory firm operating across North America. Their Reno multifamily market report blends detailed metrics on vacancy, rent, deliveries, pipeline and sales to help owners, developers and investors assess timing, risk and strategy. To read the full report, click here.