Bakersfield, CA Multifamily Market Report | Lee & Associates | Q4 2025

Market Overview

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Bakersfield's multifamily market held steady through Q4 2025, with vacancy unchanged at 5.2% year-over-year. Demand improved gradually over the year, reaching 320 units absorbed over the trailing 12 months, in line with recent historical averages. Supply kept pace, with 330 units delivered and 544 units currently under construction, including the 520-unit Park Center at Seven Oaks project slated for mid-2026. Asking rents were essentially flat at $1,396 per unit, with annual growth of 1.1%. Cap rates held at 7.0%, and investment pricing remained modestly below prior peak levels. Modest population growth continues to anchor fundamentals.

‍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 Bakersfield 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.