Reno, NV Multifamily Market Report | Cushman & Wakefield | Q1 2026

Market Overview

‍Reno's multifamily market delivered another quarter of tightening fundamentals in Q1 2026, recording 227 units of net absorption with zero new deliveries, extending its streak of positive absorption to 14 consecutive quarters. Total inventory held at 42,940 units as the development pipeline contracted sharply to just 65 units currently underway, a decline of nearly 840 units from the 2025 peak and well short of the 10-year annual average of 1,344 units. Vacancy compressed 60 basis points quarter-over-quarter and 320 basis points year-over-year to 7.0%, holding 100 basis points below the five-year average of 8.0%. Six of nine submarkets posted occupancy gains, led by South (73 units) and University (68 units). Effective rents grew 3.4% year-over-year to $1,710 per unit, with average asking rents up 3.7% to $1,738, and all unit types recording rate increases since 2024. On the investment side, Q1 sales totaled approximately $106.7 million, highlighted by The Village at Iron Blossom (400 units, $96.3M). With new inventory remaining minimal and corporate investment continuing to expand Northern Nevada's workforce, rental rates are well-positioned to strengthen further throughout 2026.

‍About Cushman & Wakefield

‍Cushman & Wakefield is a leading global commercial real estate services firm with approximately 53,000 employees across more than 350 offices in nearly 60 countries, reporting $10.3 billion in revenue in 2025. Their quarterly Reno Multifamily MarketBeat report tracks vacancy, absorption, effective rents, deliveries, and construction activity across nine submarkets to help owners, developers, and investors assess market conditions and opportunities. To read the full report, click here.