Read the latest Yardi Matrix San Francisco Multifamily Market Report.
Affordable Housing Dominates Pipeline
San Francisco’s overall performance in 2024 was stable, amid seasonal slowdowns and economic challenges, according to the latest San Francisco multifamily market report. Average advertised asking rents declined 0.4%, on a trailing three-month basis through December, and by 0.5% year-over-year, to $2,786. Meanwhile, the U.S. rate rose 0.6% year-over-year. The occupancy rate in stabilized properties was up 30 basis points year-over-year through November, to 95.6%, ahead of the 94.7% U.S. figure, as noted in the national multifamily market report.
Employment growth rebounded in 2024, climbing 0.6% year-over-year through November, but was still behind the 1.3% U.S. average. San Francisco added 14,300 net jobs over the 12-month period through November, led by education and health services (16,200) and trade, transportation and utilities (7,100). Half of the metro’s sectors lost a combined 19,200 positions, with the most losses recorded in information (-9,100) and manufacturing (-6,500). The metro’s unemployment rate stood at 4.3% in November, just above the 4.2% U.S. figure. Project updates include the completion of the first phase of San Francisco’s Mission Rock 28-acre masterplan and the delivery of the first two buildings at Southline, a 31-acre science and technology development in South San Francisco.
Developers delivered 7,754 units in 2024, down 13.9% year-over-year. The pipeline included 13,620 units under construction as of December. More than half of these were in fully affordable projects
Read the full Yardi Matrix San Francisco Multifamily Market Report: February 2025
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