{"id":4487,"date":"2022-08-11T10:04:06","date_gmt":"2022-08-11T10:04:06","guid":{"rendered":"https:\/\/www.yardimatrix.com\/blog\/?p=4487"},"modified":"2023-09-13T08:58:27","modified_gmt":"2023-09-13T08:58:27","slug":"san-francisco-multifamily-market-report-july-2022","status":"publish","type":"post","link":"https:\/\/www.yardimatrix.com\/blog\/san-francisco-multifamily-market-report-july-2022\/","title":{"rendered":"San Francisco Multifamily Market Report\u00a0– July 2022"},"content":{"rendered":"\n

Challenges Remain for San Francisco Rentals<\/strong><\/h2>\n\n\n\n

The San Francisco multifamily market moved at a slow pace during the first five months of the year, with the metro falling behind most gateway markets in key metrics. Overall rates grew 0.8% <\/strong>on a trailing three-month (T3) basis through May\u2014slower than the nation\u2019s 1.0% rate\u2014to $2,750. On a year-over-year basis, rents were up 8.7%, with San Francisco placing 29th among the largest 30 markets in the U.S. Still, demand for multifamily product is high, as occupancy rates rebounded to pre-pandemic levels\u2014up 150 basis points year-over-year, to 95.2% as of April.<\/p>\n\n\n\n

As of May, California had regained 93% of the jobs lost during March and April of 2020 due to the pandemic<\/strong>, according to the California Employment Development Department. Following national trends, the job market started rebounding in the second half of 2021. Growth clocked in at 6.4% in March, exceeding the 4.7% national rate. Over the 12 months ending in March, the metro regained 175,400 jobs, with no sectors recording contractions.<\/p>\n\n\n\n

Multifamily investment activity stayed strong, as sales topped $1.2 billion during the first five months of the year<\/strong>. The average price per unit grew 3.3% since the start of the year, to $430,675. Meanwhile, construction activity is likely to cool off after a record-breaking 2021, when over 10,000 units were delivered. As of May, the metro had 20,304 units underway, with roughly two-thirds of incoming stock targeting the Lifestyle segment.<\/p>\n\n\n\n

Read the full Matrix Multifamily San Francisco Report-July 2022<\/a><\/strong><\/p>\n\n\n\n

<\/div>\n","protected":false},"excerpt":{"rendered":"

Challenges Remain for San Francisco Rentals The San Francisco multifamily market moved at a slow pace during the first five months of the year, with the metro falling behind most gateway markets in key metrics. Overall rates grew 0.8% on a trailing three-month (T3) basis through May\u2014slower than the nation\u2019s 1.0% rate\u2014to $2,750. On a […]<\/p>\n","protected":false},"author":650,"featured_media":4488,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[12,5,4],"tags":[444,430],"class_list":["post-4487","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-metro-reports","category-multifamily-market","category-real-estate-trends","tag-multifamily-outlook-2022","tag-san-francisco"],"yoast_head":"\nSan Francisco Multifamily Market Report\u00a0- July 2022 - Yardi Matrix Blog<\/title>\n<meta name=\"description\" content=\"The San Francisco multifamily market moved at a slow pace during the first five months of the year, with the metro falling behind most gateway markets in key metrics.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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