Bay Area, CA Multifamily Market Report | CBRE | Q4 2025

Market Overview

The San Francisco Bay Area closed Q4 2025 as the top-performing multifamily market in the country, with San Francisco and San Jose ranking first and second nationally in rent growth. Bay Area rents rose 4.3% year-over-year to an average of $3,194 per unit, driven by a 1.4x absorption-to-completion ratio as demand absorbed 11,316 units against just 8,371 delivered. Investment volume exceeded $8 billion for the year, the first time since 2019, representing a 9.8% increase over 2024. Downtown San Francisco led all submarkets with 11.9% year-over-year rent growth, underscoring a broad recovery rooted in constrained supply and persistent renter demand.

About CBRE

CBRE is a global commercial real estate services and investment firm operating across major U.S. and international markets. Their Q4 2025 San Francisco Bay Area multifamily report tracks occupancy, rents, absorption, deliveries, and investment sales activity across all three Bay Area sub-regions to help owners, developers, and investors evaluate market conditions and timing. To read the full report, click here.