Q125 | Multifamily Market Report | San Francisco, CA

Market Overview

Matthews reports modest stabilization across the Bay Area’s multifamily sector. San Francisco’s average rent reached $3,133, while Oakland’s hit $2,362. Though vacancies remain elevated in select urban neighborhoods, strong demand in the suburbs is helping buoy occupancy across the metro. Construction has declined significantly as developers delay new starts, and pricing is under pressure due to high interest rates. However, investor appetite remains for well-located, value-add opportunities.

About Matthews

Matthews Real Estate Investment Services™ is a national commercial real estate brokerage specializing in investment sales and market advisory. Their research combines economic analysis with localized transaction insights, providing detailed reports across major metros. The firm’s multifamily updates often include rent trends, cap rate shifts, and development activity—making them a reliable resource for operators and institutional investors assessing changing market dynamics