Lee & Assosciates 2025 Q3 Santa Barbara CA Multifamily

Market Overview

‍Steady fundamentals define the Santa Barbara, CA multifamily market in Q3 2025, with vacancy at a restrained 3.3 percent and only 200 units under construction. Rent climbed 1.1 percent year-over-year to about $2,544 per unit, and long-term growth over the past five years topped 26 percent. With limited supply and modest population gains, the market is well positioned for stability and moderate rent growth ahead.

‍About Lee & Associates

‍Lee & Associates is a North America-wide commercial real estate advisory firm offering research, brokerage and consulting services. Their Santa Barbara multifamily report synthesises local data on vacancy, rent trends, deliveries and pipeline activity to guide developers, owners and investors in timing and strategy. To read the full report, click here.