Lee & Assosciates 2025 Q3 San Francisco CA Multifamily

Market Overview

‍The San Francisco, CA multifamily market remains one of the strongest in the U.S. in Q3 2025. Average asking rent rose 6.3 percent year-over-year to about $3,109 per unit, and vacancy fell to 4.16 percent, nearing a decade low. With only about 1,298 units under construction and delivery constrained by high development costs, the stage is set for sustained rent growth as demand rebounds.

‍About Lee & Associates

‍Lee & Associates is a national commercial real-estate advisory firm offering brokerage, capital-markets and research services. Their Q3 2025 San Francisco multifamily report draws on detailed data on rent, vacancy, absorption, pipeline and sales to help owners, developers and investors evaluate timing and strategy in this top-tier market. To read the full report, click here.