East Bay, CA Multifamily Market Report | Lee & Associates | Q4 2025

Market Overview

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East Bay's multifamily market faces modest softening in some metrics, but supply constraints are keeping the picture from deteriorating. Vacancy edged up to 5.6% in Q4 2025 while asking rents dipped slightly to $2,543 per unit and sale pricing pulled back to $369,822 per unit. Cap rates expanded to 5.1%, reflecting shifting investor expectations. Against that, the construction pipeline is among the most constrained in California at just 203 units, providing little new competition for existing stock. Institutional capital remained active, anchored by a $163 million transaction in Walnut Creek. The combination of limited supply and persistent demand keeps the market's longer-term footing intact.

‍About Lee Associates

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Lee Associates is a nationwide commercial real estate brokerage serving investors, owners, and occupiers across property types. Their East Bay Q4 2025 multifamily market report tracks absorption, vacancy, asking rents, and capital markets activity to help investors and owners assess market conditions. To read the full report, click here.