When investors think Nevada, their mind usually jumps straight to the bright lights of Las Vegas. And fair enough — it’s a city that practically markets itself. But savvy investors know the best opportunities aren’t always in the obvious places.
Welcome to Reno — the “Biggest Little City in the World.” Once known mainly for casinos, Reno has quietly transformed into a tech, logistics, and university-driven hub that’s pulling in renters, businesses, and yes, investors.
Secondary markets like Reno, Henderson, and even university submarkets near Las Vegas are playing by different rules. They often offer:
Lower acquisition prices compared to Vegas proper.
Higher cap rates thanks to tight vacancy and strong rental demand.
Multiple exit strategies — from long-term rentals to short-term and mid-term plays.
In other words, they’re less flashy but often more profitable.
Take Reno’s University District as an example. Properties here combine steady student housing demand with short-term rental upside from visiting faculty, traveling nurses, and business professionals. Investors can tap into multiple tenant pools without relying on just one strategy.
Recent multifamily sales, like 205 W. 10th Street, highlight the momentum: older properties getting fresh renovations, value-add potential through rent bumps, and walkability to UNR and downtown. That mix of stability + upside is what turns heads.
Henderson: Long considered Vegas’s quieter neighbor, Henderson’s booming STR scene and family-friendly communities make it a consistent performer.
North Las Vegas: With lower entry points and strong job growth, it’s becoming a hotspot for investors priced out of central Vegas.
Sparks (just outside Reno): Logistics growth and Tesla’s presence at the Tahoe Reno Industrial Center keep demand strong.
The Nevada story is no longer just Las Vegas. Investors who widen their lens to secondary markets like Reno are finding better deals, more creative rental strategies, and faster-growing tenant demand.
So next time someone tells you Vegas is the only Nevada market worth watching? Smile, nod, and then start looking a little further north.