RENO – A report released this week by the Nevada State Apartment Association (NVSAA) shows Northern Nevada apartment rents are still rising, but at a slower rate than last year.
The report, issued by the NVSAA based on data provided by CoStar, shows asking rents for apartments in the Reno-Sparks area through the first quarter of this year averaged $1,513 per month. That’s up from $1,493 per month at the end of 2021, and up from $1,379 one year earlier.
According to the report, local apartment rents increased by 8.3% over the last 12 months. That’s down from the all-time high annual growth rate of 13.3% set in mid-2021.
At an average of $1,513 per month, the report noted that local apartment rents are still below the national average rent of $1,584 per month.
“Rents continue to rise as demand continues to grow, especially from people moving here from out of state,” said NVSAA Executive Director Susy Vasquez. “Northern Nevada rents are expected to continue going up, but not at the double-digit growth rates we’ve experienced over the past few years.”
The supply of apartments in Northern Nevada continues to increase as demand remains high. The report showed 3,630 units under construction in the Reno-Sparks market, representing an 8.9% increase in its overall apartment inventory.
Meanwhile, the vacancy rate for local apartments continues to stabilize into early 2022, with the average vacancy rate now hovering around 5.8%, up from 4.6% during the same period in 2021.
Vasquez noted that CoStar’s latest forecast expects local apartment rents to increase by about 5% by the end of 2022 compared to one year earlier, given the pipeline of economic development coming to the area.
This report is provided by the NVSAA based on data from CoStar, a leading provider of commercial real estate information.
About the NVSAA
The Nevada State Apartment Association is the voice of the multifamily housing industry in Nevada. The nonprofit organization provides a variety of services to its 894 community, property management and business partner members statewide, including legislative support, education and community outreach. NVSAA is committed to promoting and supporting the diversity, integrity and success of its members and their industry. For more information, visit www.NVSAA.org.