Apartment Supply Volumes Shoot Up in Reno
After pacing behind the U.S. average for decades, apartment construction activity in Reno has stepped up notably in the past few years. Close to 3,500 units are currently under construction in Reno, which will increase its existing unit base by a notable 7.3%, according to data from RealPage Market Analytics. In the first half of the 2010s decade, construction activity was minimal in Reno, with inventory change rarely getting above 2%. Starting at the end of 2016, however, developers started taking notice of the market. In the past year, scheduled inventory growth in Reno far outpaced the U.S. average of 4.6%, which is still a strong showing for the nation historically. Astonishing inventory growth in Reno is the result of a population influx into the nation’s Mountains/Desert region in the few years before the start of the COVID-19 pandemic and since. As developers try to keep up with in-migration into this region, inventory increases have upped significantly. Apartments under construction will swell the existing base in Phoenix by 10.5% and in Denver by 8%.