Reno, NV Multifamily Market Report | Cushman & Wakefield | Q4 2025

Market Overview

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Reno extended its streak of positive absorption to 13 consecutive quarters in Q4 2025, absorbing 1,500 units for the year against just 1,002 delivered, the lowest annual delivery total since well below the 10-year average. The supply contraction is pronounced: units under construction collapsed from a 2024 peak of 2,133 to just 64 at year-end. Demand outpacing supply drove vacancy down 140 basis points year-over-year to 7.5%, and effective rents climbed 4.0% annually to $1,690 per unit, with all unit types recording gains since 2023 averaging 6.3% over two years. Eight of nine submarkets posted net occupancy gains for the year, led by the South submarket. With the pipeline nearly empty and population projected to grow through 2029, Reno's fundamental setup for continued rent and occupancy improvement is among the clearest of any market in the West.

‍About Cushman & Wakefield

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Cushman & Wakefield is a global commercial real estate services firm with approximately 52,000 employees across 60 countries and $9.4 billion in revenue. Their Reno Q4 2025 multifamily MarketBeat covers vacancy, effective rents, net absorption, and construction activity across nine submarkets to help owners and investors assess Northern Nevada market conditions. To read the full report, click here.