Read the latest Yardi Matrix San Francisco Multifamily Market Report.
Rent Recovery on Track, Supply Winds Down
The San Francisco multifamily market neared the end of the second quarter with mixed results, with some fundamentals pointing to a potential recovery amid wider economic uncertainty, according to the latest San Francisco multifamily market report. Average advertised asking rents were up 0.5%, on a trailing three-month basis through May, to an average of $2,880, outpacing the national figure by 20 basis points. Rent development continued its recovery after last year’s contractions. The supply surge recorded in 2024 did not impact the metro’s overall occupancy, which ticked up 10 basis points year-over-year, to 95.4% as of April. The rate was 100 basis points higher than the national average, as noted in the U.S. multifamily market report.
Unemployment in the metro stood at 3.9% in April, with only a 10-basis-point downtick from December last year, according to preliminary data from the Bureau of Labor Statistics. Job growth did not improve, with the year-over-year figure down 0.5% as of March. Over the 12-month period ending in March, the metro recorded a net loss of 18,900 jobs. Only two sectors recorded a net positive performance: education and health services, which added 16,600 positions, and government, which gained 2,800 jobs.
Development activity slowed down but moved closer to historic averages, with just 1,430 units, or 0.5% of existing stock, added in the first five months of the year. A total of 12,255 units were under construction in May, while an additional 130,000 units were in the planning and permitting stages.
Read the full Yardi Matrix San Francisco Multifamily Market Report: July 2025
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