We break down how the Reno and Sparks apartment market performed in 2025 and what it means for owners and investors heading into 2026.
Occupancy improved, but the citywide number hides wide gaps between submarkets. We look at why the cost of each new lease keeps climbing, how to avoid the concession trap, and what fewer new deliveries in 2026 mean for pricing power.
Insights
Occupancy recovered and rents grew in 2025, but the concession numbers don't tell the whole story. Here is how each Reno submarket did and where 2026 could land.
Q3 2025 in Reno-Sparks: occupancy near 89%, rents up, concessions rising and absorption slowing. A quarter-by-the-numbers look at what changed and why it matters.
Marketing spend divided by new leases gives you a comfortable number, not the true one. Add concessions, source data and vacancy to see what a lease really costs.
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