Quarterly review
Reno apartment market, Q1 2024
Conventional Reno apartments ended Q1 2024 at 87.7% occupancy, +0.8% for the quarter, with an average effective rent of $1,578 (-0.2%).
23% of properties were offering concessions, with an average package worth 6.5% of rent.
329 units were absorbed during the quarter while 41 new units joined the market.
Occupancy
87.7%
+0.8% quarter over quarter
Effective rent
$1,578
-0.2% quarter over quarter
Offering concessions
23%
-2.3% quarter over quarter
Units absorbed
329
this quarter quarter over quarter
Submarkets
Movers in Q1 2024
Downtown Reno
78.7%
occupancy +4.1%
$1,278
effective rent +0.9%
North Valleys
94.8%
occupancy +3.1%
$1,536
effective rent 0.0%
Carson City
90.8%
occupancy +2.7%
$1,471
effective rent +0.8%
West Reno
88.5%
occupancy +2.3%
$1,677
effective rent -1.3%
Sparks
84.0%
occupancy +0.8%
$1,589
effective rent -1.4%
Central Reno/Airport
90.2%
occupancy -0.1%
$1,624
effective rent +0.8%
Douglas County
n/a
occupancy
$1,077
effective rent 0.0%
By property type
The full market
| Type | Properties | Units | Occupancy | Effective rent | Offering concessions |
|---|---|---|---|---|---|
| Conventional | 343 | 42,227 | 87.7% | $1,578 | 23.1% |
| Affordable | 84 | 9,065 | 88.4% | $1,124 | 11.8% |
| Senior Living | 57 | 4,430 | 88.5% | $2,325 | 10.5% |
| Student Housing | 15 | 2,457 | 84.6% | $2,248 | 11.1% |
Source: ALN Apartment Data, Reno quarterly review. Analysis by Next Level Property Management.
What does this quarter mean for your property?
We will compare your building to its submarket and show you where it is leaving money on the table.
Questions