Nevada Markets for Multifamily / Mobile Home Parks

1 Reply

What are the current forum opinions on the major Nevada markets for multifamily apartments and mobile home parks? Reno has been considered a hot market for several years due to the tech industry spilling over from the Bay Area. Las Vegas historically has been boom or bust, but has been working in recent years to diversify its economy (UNLV recently opened a medical school). MultiFamilyU recently ranked Vegas as one of its top cities for growth in the coming years.

Be interested to hear from anyone with experience operating in these markets, as well as maybe some secondary markets such as Laughlin. 

Keith,

Northern Nevada has been booming lately due to low cost of living (which has been steadily increasing), taxes and businesses coming to town. Tesla, Switch, and google have already established a presence and there is a biotech company planning on spending $45 or so million to build a new headquarters in the coming years. Multifamily apartments are hard to come by unless you are developing. 

"Multifamily homes are going up like crazy," said Aaron West, CEO of Nevada Builders Alliance. "We are seeing significantly more multifamily construction: 2,700 units permitted this year (2017), compared to 1,700 to 1,800 last year (2016)." This article may help paint a better picture. http://renolandinc.com/reno-construction-update-ne...

There is a lot of construction happening such as renovations to major roadways, including a north to south connector that recently opened and revitalization of downtown areas in both Reno and Sparks. I can't speak much for anything outside of the Reno, Sparks area. Most of the areas north of Reno are mining towns. 

As for small multifamily, they are pocketed in the downtown Reno and downtown Sparks areas. 

Hopefully this helps.

-Brian