1Q 2025 Reno-Sparks Residential Activity Report Now Available 

Entitlement activity remained steady with 5 projects preparing to bring 99 MF units, 355 SF units, and 175 townhomes.  At the same time, 6 SF and 8 MF developments were eliminated from the database after reaching near (MF) or full absorption (SF).

The first quarter experienced an uptick in exiting home sales compared to last year, while new sales have struggled.  Builder remain bullish, with permits up 5.2% over last 6 months compared to same period last year.

Over last 6 months, MF permits are down 6.4% compared to same period last year.  Many are expecting apartment construction slowdown, but we continue to track over 5,000 MF units (market rate, affordable, senior, etc.) that are still under construction or absorbing.  With home-ownership out of reach for the majority, renting remains the only option.

The national Jekyll & Hyde economic outlook stayed true to its form with today’s 177,000 new jobs report while 1Q GDP came in at -0.3%.  More locally, Las Vegas is reporting less visitors.  CYTD taxable sales reports (thru February) backs up Vegas’ skittish outlook with Clark County sales stalling (-0.33%), while more diversified Washoe County clocks in at a 3.13% growth.

With a wild pitcher on the mound, it appears that traditional economic forecasting methods have been replaced with deciphering daily executive orders, lawsuits, budget cuts, and back peddling.  It may take the entire nine innings to see how this game ends and its impact on our economy, unfortunately.  However, at the end of the day, our region continues to reap industries, jobs, and new residents.

Brian Bonnenfant
Project Manager
Center for Regional Studies
University of Nevada, Reno
(775) 784-1771