Annual demand in Reno reached a 23-year high in 2024. Demand for 2,451 units nearly kept pace with new supply (2,597 units) over the 12-month period, according to data from RealPage Market Analytics. Since 2020, the existing unit count in Reno has climbed nearly 20% to about 53,000 units. In turn, renters in this small Nevada market have shown an appetite for new units. In the five-years prior to COVID, annual demand averaged just 914 units per year. In contrast, annual demand averaged around 1,400 units per year over the last five years. To support demand, population in Reno grew 9.1% from 2018 to 2023 to roughly 495,900 people. As of 2023, young adults made up 21.3% of Reno’s total population, according to the U.S. Census Bureau. That rate was above the national norm of 20.2%. Additionally, job growth averaged 1.9% over the past five years but slowed in 2024 to roughly 0.8% as of December 2024. Reno sits within a fifty-mile radius of Lake Tahoe and the largest concentration of ski facilities in the world along the Nevada-California border.
