The Nevada multifamily market, which is primarily made up of Reno and Las Vegas, faced significant challenges in 2023, particularly due to rising interest rates and a slowdown in sales volume. Rents declined by approximately 8 percent since their peak in the fourth quarter of 2021. Despite these setbacks, investors remain attracted to multifamily properties in Nevada, buoyed by the state’s favorable economic indicators and potential for long-term returns. However, supply constraints and rising construction costs pose ongoing challenges that could impact future market growth. Nonetheless, the Nevada multifamily market …
