Quarterly review
Reno apartment market, Q1 2025
Conventional Reno apartments ended Q1 2025 at 88.7% occupancy, +0.5% for the quarter, with an average effective rent of $1,646 (+1.4%).
29% of properties were offering concessions, with an average package worth 6.9% of rent.
348 units were absorbed during the quarter while 180 new units joined the market.
Compared with Q4 2024, effective rent moved up $24 per month.
Occupancy
88.7%
+0.5% quarter over quarter
Effective rent
$1,646
+1.4% quarter over quarter
Offering concessions
29%
+15.4% quarter over quarter
Units absorbed
348
this quarter quarter over quarter
Submarkets
Movers in Q1 2025
Downtown Reno
84.1%
occupancy +4.7%
$1,322
effective rent -1.0%
West Reno
83.7%
occupancy +1.3%
$1,714
effective rent +1.7%
Sparks
86.0%
occupancy +1.1%
$1,676
effective rent +3.8%
Central Reno/Airport
92.4%
occupancy 0.0%
$1,700
effective rent +0.6%
Carson City
95.0%
occupancy -1.5%
$1,487
effective rent -0.1%
North Valleys
90.8%
occupancy -3.5%
$1,678
effective rent +1.1%
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 | 354 | 44,403 | 88.7% | $1,646 | 29.5% |
| Affordable | 87 | 9,688 | 83.0% | $1,146 | 21.1% |
| Senior Living | 58 | 4,525 | 85.4% | $2,236 | 9.5% |
| Student Housing | 15 | 2,307 | 85.2% | $2,208 | 11.1% |
Source: ALN Apartment Data, Reno quarterly review. Analysis by Next Level Property Management.
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