Quarterly review
Reno apartment market, Q2 2024
Conventional Reno apartments ended Q2 2024 at 88.6% occupancy, +1.1% for the quarter, with an average effective rent of $1,603 (+1.7%).
29% of properties were offering concessions, with an average package worth 5.6% of rent.
636 units were absorbed during the quarter while 254 new units joined the market.
Compared with Q1 2024, effective rent moved up $25 per month.
Occupancy
88.6%
+1.1% quarter over quarter
Effective rent
$1,603
+1.7% quarter over quarter
Offering concessions
29%
+25.5% quarter over quarter
Units absorbed
636
this quarter quarter over quarter
Submarkets
Movers in Q2 2024
Central Reno/Airport
93.2%
occupancy +3.3%
$1,645
effective rent +1.3%
Carson City
93.2%
occupancy +2.7%
$1,472
effective rent +1.3%
Downtown Reno
80.1%
occupancy +1.7%
$1,276
effective rent -0.1%
Sparks
85.1%
occupancy +1.3%
$1,624
effective rent +2.2%
North Valleys
92.8%
occupancy -2.1%
$1,494
effective rent -2.8%
West Reno
85.0%
occupancy -3.9%
$1,725
effective rent +2.9%
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 | 344 | 42,433 | 88.6% | $1,603 | 28.8% |
| Affordable | 87 | 9,568 | 80.4% | $1,172 | 11.4% |
| Senior Living | 58 | 4,470 | 92.4% | $2,350 | 5.3% |
| Student Housing | 15 | 2,457 | 85.0% | $2,248 | 0.0% |
Source: ALN Apartment Data, Reno quarterly review. Analysis by Next Level Property Management.
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