Quarterly review
Reno apartment market, Q4 2024
Conventional Reno apartments ended Q4 2024 at 88.3% occupancy, +0.8% for the quarter, with an average effective rent of $1,622 (+0.4%).
26% of properties were offering concessions, with an average package worth 6.4% of rent.
561 units were absorbed during the quarter while 300 new units joined the market.
Compared with Q3 2024, effective rent moved up $6 per month.
Occupancy
88.3%
+0.8% quarter over quarter
Effective rent
$1,622
+0.4% quarter over quarter
Offering concessions
26%
-2.6% quarter over quarter
Units absorbed
561
this quarter quarter over quarter
Submarkets
Movers in Q4 2024
Downtown Reno
80.4%
occupancy +13.7%
$1,334
effective rent +0.9%
North Valleys
94.1%
occupancy +0.8%
$1,660
effective rent +10.0%
Carson City
96.4%
occupancy +0.5%
$1,488
effective rent +0.4%
Central Reno/Airport
92.3%
occupancy +0.4%
$1,690
effective rent +0.3%
Sparks
85.1%
occupancy -0.2%
$1,615
effective rent -0.2%
Douglas County
n/a
occupancy
$1,077
effective rent 0.0%
West Reno
82.6%
occupancy -1.9%
$1,686
effective rent -1.8%
By property type
The full market
| Type | Properties | Units | Occupancy | Effective rent | Offering concessions |
|---|---|---|---|---|---|
| Conventional | 352 | 44,163 | 88.3% | $1,622 | 25.5% |
| Affordable | 87 | 9,688 | 74.3% | $1,149 | 21.6% |
| Senior Living | 59 | 4,685 | 72.0% | $2,072 | 9.1% |
| Student Housing | 15 | 2,307 | 83.8% | $2,250 | 0.0% |
Source: ALN Apartment Data, Reno quarterly review. Analysis by Next Level Property Management.
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