San Francisco, CA Multifamily Market Report | Yardi Matrix | Q4 2025

Market Overview

After more than 10,000 units came online in 2024, San Francisco's development pipeline pulled back sharply, with just 3,828 units completed through the first three quarters of 2025. The correction is showing up in the fundamentals. Average asking rents rose 0.2% on a trailing three-month basis through September to $2,926, and climbed 2.6% year-over-year, well ahead of the 0.9% national gain. Occupancy in stabilized assets held at 95.8% in August, 110 basis points above the U.S. average. Job losses continued, with the metro shedding 9,700 positions over the prior 12 months, though the pace of contraction narrowed compared to earlier in the year. Investment volume reached $1.8 billion through September, a 55.6% jump year-over-year, signaling renewed confidence from capital markets.

About Yardi Matrix

Yardi Matrix is a national commercial real estate data and analytics firm serving investors, developers, and property managers across asset classes. Their San Francisco November 2025 multifamily market report covers asking rents, occupancy, construction activity, and investment volume to help owners and investors assess market conditions. To read the full report, click here.