Reno, NV Multifamily Market Report | Colliers | Q1 2026

Market Overview

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Reno's multifamily market returned to balance in Q1 2026, with vacancy falling to 3.7%, down from 4.6% a year prior, as the market successfully absorbed the elevated supply wave delivered between 2022 and 2024. Average monthly effective rent rose 6.8% year-over-year to $1,729, with Sparks/Fernley leading all submarkets at 8.5% annual rent growth. Net absorption of 279 units outpaced 198 new deliveries in the quarter, and the construction pipeline held at 1,343 units. Investment activity strengthened, with quarterly sales volume reaching $121.6 million, consistent with the five-year market average, including MG Properties' sale of The Village at Iron Blossom for $96.3 million at $238,243 per unit.

‍About Colliers

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Colliers is a global real estate services and investment management firm operating across more than 60 countries. The firm offers comprehensive brokerage, capital markets, valuation, advisory, and research services. Their Q1 2026 Reno multifamily report tracks vacancy, rents, absorption, deliveries, and investment sales activity across Northern Nevada submarkets to help owners, developers, and investors assess market conditions and timing. To read the full report, click here.