Santa Barbara, CA Multifamily Market Report | Colliers | Q1 2026

Market Overview

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Santa Barbara's multifamily market maintained exceptionally tight fundamentals in Q1 2026, with occupancy holding at 97.7%, up 10 basis points year-over-year, across a total inventory of 15,958 units. Average monthly effective rents rose 2.4% year-over-year to $2,736, with Goleta leading all submarkets at $3,007 per unit and 3.1% annual rent growth. Construction activity remained minimal, with just 27 units delivered in the quarter and only 106 units currently underway, the lowest pipeline level in recent years. Year-to-date investment sales volume reached $10.9 million with an average price per unit of $375,698, up 2.5% year-over-year. Since Q4 2019, rents have climbed $673, or 33%, underscoring the market's long-term structural strength rooted in constrained supply and persistent coastal demand.

‍About Colliers

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Colliers is a global real estate services and investment management firm operating across more than 60 countries. The firm offers comprehensive brokerage, capital markets, valuation, advisory, and research services. Their Q1 2026 Santa Barbara multifamily report tracks occupancy, rents, absorption, deliveries, and investment sales activity across the Santa Barbara, Goleta, and Carpinteria submarkets to help owners, developers, and investors assess market conditions and timing. To read the full report, click here.