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Reno’s Apartment Market Tightens | Reno News
Reno’s apartment market is in a tight squeeze—construction has nearly stalled, with just 760 units under way in May, despite booming demand. Sky-high material costs and interest rates have developers on pause, waiting for prices to fall. Yet, vacancy rates hit a record low of 3.7%, fueled by soaring home prices (median $640K) that keep renters locked into apartments—and lease renewals at a five-year high. With fewer new units and more people moving in, rents are poised to climb, drawing investors and pushing some builders to cheaper land in Lyon County… only to find even there, land costs are…
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