The Multifamily market in Northern Nevada saw vacancy rates decline as absorption increased to begin the year.
Colliers recently released its Q1 2026 Reno Multifamily Market Report, which found the region’s multifamily inventory grew by 198 units in Q1 2026. The number of deliveries slowed after the previous quarter delivered 100 additional units. In Q1 2025, 313 units were delivered. The total inventory currently sits at 54,401 units.
Absorption improved quarter-over-quarter but fell short of the large number of absorptions seen in Q1 2025. QoQ, absorptions improved from 221 to 279. Q1 2025 saw 507 units absorbed.
The positive absorption also ushered in a decline in the vacancy rate. QoQ, vacancies fell from 3.9% to 3.7%. This is a substantial improvement from Q1 2025, which had a vacancy rate of 4.6%.
The average monthly effective rent increased both year-over-year and QoQ. Over the course of the quarter, the average rent increased by $29 from $1,700 to $1,729. Q1 2025 had an average rent of $1,618.
Colliers found multifamily construction activity has slowed from the peak seen in 2023. The report cites increased interest rates, material costs, labor and land prices as reasons for the slowdown.
To view the report in its entirety, click here.
