Bakersfield, CA Multifamily Market Report | Lee & Associates | Q1 2026

Market Overview

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Bakersfield's multifamily market stabilized in Q1 2026 following a period of elevated vacancy driven by new supply. Vacancy declined to 5.1%, down from 5.9% a year earlier, as demand kept pace with deliveries, though development activity picked up with nearly 1,000 units under construction led by larger projects in growth areas. Asking rents rose to $1,417 per unit, continuing modest but positive growth that outperforms national trends, while cap rates held near 7.1% and sale pricing settled around $133,000 per unit. Steady demand and manageable supply levels are expected to support stable occupancy and gradual rent growth ahead.

‍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 Q1 2026 Bakersfield multifamily market report tracks net absorption, vacancy, asking rents, sale pricing, and top transactions to help investors and owners assess current market conditions. To read the full report, click here.