The Multifamily market in Northern Nevada saw an increase in affordable housing construction in Q2 2026.
Colliers recently released its Q2 2026 Reno Multifamily Market Report, which found the region’s multifamily inventory decreased by 56 units in Q2. This follows the previous Q1’s quarterly increase of 198 units. Year-over-year, the inventory has jumped from 53,565 to 54,345. NVBEX has extensively covered regional market reports.
The number of new deliveries slowed from 198 to 52 over the quarter. Q2 2025 saw 239 deliveries. Absorption improved to 455 units in Q2, up from 279 in the previous quarter. This is still a decline YoY, however, as Q2 2025 saw 628 units absorbed.
The continued positive absorption and the low number of deliveries have continued to drive vacancies down, falling from 3.7% to 3.0% QoQ. A year ago, the vacancy rate sat at 3.9%. This is an even more substantial improvement from Q1 2025, considering it had a vacancy rate of 4.6%.
The average monthly effective rate has continued to rise both YoY and QoQ. This quarter, rents sat at $1,811. The previous quarter saw the average rental price at $1,729, and a year ago rents sat at $1,618.
Roughly two-thirds of the nearly 2,000 units currently under construction are income-restricted. The pipeline continued to accelerate throughout Q2.
Colliers found the region has been tightening since the latter half of 2024. The market is returning to the vacancies it had during its 2022 construction boom; however, the report is hesitant to predict another boom as population and employment growth remain low.
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