Reno was the final stop of the 2019 Figure 9 Real Estate Multi-Family Market Tour. We got to Reno very optimistic about the opportunities for investment and growth potential of the market.
As noted below, Reno had the highest Job Growth and Lowest Vacancy in all the markets we visited, so we were hoping to find some Value-Add Multi-Family investment opportunities.
Here is a summary of what we found:
Below are a few of the key market indicators:
- Rent Growth: 3.4%
- Vacancy: 4.4% – LOWEST
- Jobs: 4.9% – HIGHEST
- Population Growth: 1.8%
Here are some of the PROs and CONs from our impressions:
- PRO: Lots of job growth – highest in USA
- PRO: Lots of new industries
- PRO: Value add opportunities all over
- PRO: Development growing, but not making value add a challenge
- PRO: location & proximity to California
- CON: Will growth continue?
- CON: Smaller market overall
- CON: Reno does not quite have its own draw/identity (Still kinda known as Las Vegas’ little brother)
We like Reno. Getting some time on-site definitely confirmed what we saw in the market data and economic statistics.
There were multiple Value-Add Multi-Family opportunities we were able to locate while we were there.
With the solid economic outlook and Value-Add Multi-Family opportunities, we are going to actively focus on Reno.