Reno, NV Multifamily Market Report | Lee & Associates | Q1 2026

Market Overview

Reno's multifamily market tightened further in Q1 2026, with vacancy dropping to 7.3% from 8.4% a year earlier as apartment demand spread beyond Class A properties into the broader market. Asking rents rose to roughly $1,695 per unit, continuing a steady climb, while sale pricing per unit increased to about $241,712 and cap rates held steady near 5.3%. Construction activity remained minimal at just 108 units underway, though developers are expected to break ground on additional supply later this year as fundamentals continue to improve.

About Lee & Associates

Lee & Associates is a nationwide commercial real estate brokerage serving investors, owners, and occupiers across property types. Their Q1 2026 Reno multifamily market report tracks net absorption, vacancy, asking rents, sale pricing, and top transactions to help investors and owners assess current market conditions. To read the full report, click here.