N
orthern Nevada's housing landscape is shifting, according to the latest report from Johnson Perkins Griffin Real Estate Appraisers and Consultants. A notable decrease in vacancy rates has been observed, with a 2.66% drop - equivalent to 50 basis points. This trend holds true for most unit types, except studio apartments which saw a slight uptick in average vacancies.

    Despite the low vacancy rate, Reno-Sparks is experiencing a surge in construction projects. Analysts predict that these developments will take time to reach stabilization, defined as a 90% occupancy rate. Currently, over 1,300 apartment units are under construction, with an additional 4,400 units planned for the market.

    Rent prices have also seen a modest increase, rising from $1,650 to approximately $1,680 - a 1.51% hike. With construction costs expected to rise and the economy in flux, real estate experts advise potential buyers and renters to act sooner rather than later to secure their options. The full report will be available on Johnson Perkins Griffin's website soon.