Reno, NV Multifamily Market Report | Lee & Associates | Q4 2025

Market Overview

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Reno's multifamily market regained its footing in Q4 2025, with vacancy declining to 7.3% from a recent high of 8.8% a year prior, driven by roughly 18 months of constrained new supply. Asking rents climbed to $1,665 per unit, up from $1,608 a year ago, and sale pricing reached $233,180 per unit as cap rates edged down to 5.3%. With only 108 units under construction, new competition is nearly nonexistent. Continued in-migration from higher-cost California markets sustains renter demand across the region. The combination of a tightening vacancy trend, rising rents, and a near-empty pipeline points toward further improvement in fundamentals through 2026.

‍About Lee Associates

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Lee Associates is a nationwide commercial real estate brokerage serving investors, owners, and occupiers across property types. Their Reno Q4 2025 multifamily market report tracks absorption, vacancy, asking rents, and capital markets activity to help investors and owners assess market conditions. To read the full report, click here.