Quarterly review
Reno apartment market, Q3 2024
Conventional Reno apartments ended Q3 2024 at 87.7% occupancy, -0.9% for the quarter, with an average effective rent of $1,616 (+0.8%).
26% of properties were offering concessions, with an average package worth 5.4% of rent.
615 units were absorbed during the quarter while 1,101 new units joined the market.
Compared with Q2 2024, effective rent moved up $13 per month.
Occupancy
87.7%
-0.9% quarter over quarter
Effective rent
$1,616
+0.8% quarter over quarter
Offering concessions
26%
-9.0% quarter over quarter
Units absorbed
615
this quarter quarter over quarter
Submarkets
Movers in Q3 2024
Carson City
95.9%
occupancy +2.9%
$1,482
effective rent +0.7%
Sparks
85.4%
occupancy +0.9%
$1,618
effective rent -0.4%
North Valleys
93.4%
occupancy +0.7%
$1,509
effective rent +1.0%
West Reno
84.2%
occupancy -1.0%
$1,717
effective rent -0.5%
Central Reno/Airport
91.9%
occupancy -1.3%
$1,686
effective rent +2.5%
Downtown Reno
70.7%
occupancy -11.7%
$1,322
effective rent +3.6%
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 | 349 | 43,638 | 87.7% | $1,616 | 26.2% |
| Affordable | 88 | 9,743 | 77.5% | $1,156 | 18.9% |
| Senior Living | 60 | 4,835 | 75.4% | $2,179 | 4.8% |
| Student Housing | 15 | 2,307 | 86.6% | $2,250 | 0.0% |
Source: ALN Apartment Data, Reno quarterly review. Analysis by Next Level Property Management.
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