Reno sits in the Truckee Meadows at roughly 4,400 feet, with the Truckee River running west to east through the middle of it. The airport on the valley floor is at about 4,404 feet; the foothills on the western edge of the city run from roughly 4,700 to 5,600. That spread is the single most useful thing to know about basements here, because the two halves of the city were built differently.
In the older neighbourhoods, particularly the pre-war housing in the Old Southwest and around the university, full excavated basements are genuinely common. They tend to have low headroom by modern standards, cast or block walls, a coal-era chimney chase somewhere inconvenient, and a stair that lands in the middle of the floor plate. They are also usually dry, well-built and very much worth finishing.
Move outward into the post-1970s subdivisions and that changes fast. Most of that building went up slab-on-grade with no basement at all. Where the ground starts to tilt, on the western foothills and toward the southern edge of the city, daylight and walkout basements reappear because the grade made them the sensible thing to build.
Weather matters less here than people expect. Reno averages about 20.9 inches of snow a year on the valley floor, though the foothills to the west get two to three times that. It is a dry climate, so basement moisture is usually an event rather than a condition: a spring melt, a failed water heater, an irrigation line left running.