Reno, NV has a supply problem.

[Jake Andronico]

Reno has a supply problem.

And most people haven’t noticed it yet.

I was reviewing the latest Reno development pipeline numbers (80+ unit apartment buildings).

Here’s what jumped out:

In 2021–2022, Reno had roughly 12,000+ units either under construction or planned.

Today?

Q4 2025 total pipeline: 3,043 units.

That’s a ~75% collapse.

Let’s break it down:

• Projects under construction peaked around 5,600+ units


• Today: 904 units

• Projects planned were hovering near 7,000–8,000 units


• Today: 2,139 units

That’s not a slowdown.

That’s a cliff.

Now ask yourself:

If demand continues…


If Reno keeps adding jobs…


If California out-migration continues…


If homeownership remains expensive (so people continue to rent)…

What happens when supply falls off a cliff?

Rents don’t go down.

They rise.

This is basic economics.

When we had 12,000+ units in the pipeline, rent growth flattened, and even dropped a bit.

Some properties had to offer significant concessions.

But with only ~3,000 units coming?

There is no wave of new supply to absorb demand.

And remember:

Reno is a valley surrounded by mountains.

We can’t sprawl like Texas.

Entitlements take time.

Financing is tight.

Construction costs are high.

Supply doesn’t turn back on overnight.

If demand stays steady (or increases) we likely see:

• Concessions disappear

• Vacancy tighten

• Rent growth resume

Supply is drying up.

At Address Income, we analyze the entire multifamily market at once, not one property at a time.

When you zoom out and compare every asset, trends like this become obvious.

The next 24–36 months in Reno could look very different than the last 18.

What're you seeing in your market?