Supply concerns catch up as apartment rents fall in Reno

The multifamily vacancy rate has remained above 8% for the past 10 quarters as Reno, Nevada, has had a record number of new units completed. Ongoing competition among properties has led to a 105 basis point decrease in month-over-month rents. This is only the second time rents have fallen by more than a full percentage point in one month since 2020.