Rental Rates Update: Reno/Sparks Apartment Market

June 2023

The apartment rental market in Reno/Sparks leveled off during the first quarter of 2023. For properties with 80+ units, average rental rates increased by $19 per month to $1,644, but this is only a $10 increase compared to Q1 last year.

Meanwhile, overall vacancy rates decreased to 2.66% since the last quarter of 2022. This shift is driven by several factors: rising interest rates are making it harder for people to purchase homes, new renters continue to enter the market, and job growth remains strong in the region.

Employment levels in the Reno and Sparks metropolitan statistical area (MSA) are still above pre-pandemic levels and appear likely to remain robust throughout 2023. These trends suggest a resilient rental market, with steady demand for rental properties in the area.