Reno Multifamily Q2 2025

Market Overview

In Q2 2025, the Reno multifamily market delivered 842 units across five properties, bringing year-to-date net absorption to 1,002 units—an 11.5 percent decrease from 2024. The development pipeline contracted sharply, with only 64 units under construction, which is nearly 2,000 fewer than the previous year. Despite slowing deliveries, vacancy rose slightly quarter-over-quarter to 8.4 percent but remains 220 basis points above the 10-year average. Rents strengthened, with average asking rent rising 2.1 percent quarter-over-quarter and 2.8 percent year-over-year to reach $1,711 per unit, and effective rent climbing 1.7 percent quarter-over-quarter and 3.2 percent year-over-year to $1,687.

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Cushman & Wakefield is a global commercial real estate services firm headquartered in Chicago, operating in approximately 60 countries. The firm offers integrated expertise in leasing, capital markets, property management, valuation, and advisory services. Their MarketBeat reports combine proprietary data with local analysis to help investors, owners, and developers track evolving multifamily trends and dynamics.