{"id":5323,"date":"2022-12-22T12:27:01","date_gmt":"2022-12-22T12:27:01","guid":{"rendered":"https:\/\/www.yardimatrix.com\/blog\/?p=5323"},"modified":"2023-09-13T04:44:10","modified_gmt":"2023-09-13T04:44:10","slug":"san-francisco-multifamily-market-report-november-2022","status":"publish","type":"post","link":"https:\/\/www.yardimatrix.com\/blog\/san-francisco-multifamily-market-report-november-2022\/","title":{"rendered":"San Francisco Multifamily Market Report \u2013 November 2022"},"content":{"rendered":"<h2>Employment Rates Climb, Development Strong<\/h2>\n<p>San Francisco\u2019s multifamily market <a href=\"https:\/\/www.yardimatrix.com\/blog\/san-francisco-multifamily-market-report-july-2022\/\"><strong>continued to show signs of strength<\/strong><\/a> toward the end of the third quarter, despite rent growth slowing down. On a trailing three-month (T3) basis through September, <strong>rates were up 0.3%\u201410 basis points above the national rate<\/strong>\u2014to $2,854. Concerns over a potential recession have brought rent development down across most U.S. metros, but San Francisco multifamily remains in high demand. Occupancy across stabilized properties was up 60 basis points year-over-year, to 95.5% as of August.<\/p>\n<p>The economic recovery continued, as San Francisco\u2019s unemployment rate exceeded 2019 levels, at 2.8% in August, 90 basis points below the nation\u2019s average. Over a 12-month period ending in July, San Francisco added 133,700 jobs, a 5.9% expansion and <strong>140 basis points higher than the national rate<\/strong>. Growth was led by professional and business services, which gained 34,900 jobs over this period, followed by the leisure and hospitality sector, which was up by 33,800 jobs.<\/p>\n<p>Development activity was <strong>very strong across both sides of the bay<\/strong>. Year-to-date through September, 4,102 units were brought online, representing 1.5% of existing stock and matching the national rate, but down by 54.1% year-over-year. In September, the metro had 20,914 units under construction, with an additional 125,341 units in the planning and permitting stages.<\/p>\n<p>Read the full <a href=\"https:\/\/www.yardimatrix.com\/publications\/download\/file\/3080-MatrixMultifamilySanFranciscoReport-November2022\"><strong>Matrix Multifamily San Francisco Report-November 2022<\/strong><\/a><\/p>\n\n\n<div style=\"height:45px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Employment Rates Climb, Development Strong San Francisco\u2019s multifamily market continued to show signs of strength toward the end of the third quarter, despite rent growth slowing down. On a trailing three-month (T3) basis through September, rates were up 0.3%\u201410 basis points above the national rate\u2014to $2,854. Concerns over a potential recession have brought rent development [&hellip;]<\/p>\n","protected":false},"author":753,"featured_media":5346,"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-5323","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":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>San Francisco Multifamily Market Report \u2013 November 2022 - Yardi Matrix Blog<\/title>\n<meta name=\"description\" content=\"Rent growth stayed solid on a T3 basis through September, pushing the average rent to one of the highest in the nation, Yardi Matrix reports.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.yardimatrix.com\/blog\/san-francisco-multifamily-market-report-november-2022\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"San Francisco Multifamily Market Report \u2013 November 2022\" \/>\n<meta property=\"og:description\" content=\"Rent growth stayed solid on a T3 basis through September, pushing the average rent to one of the highest in the nation, Yardi Matrix reports.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.yardimatrix.com\/blog\/san-francisco-multifamily-market-report-november-2022\/\" \/>\n<meta property=\"og:site_name\" content=\"Yardi Matrix Blog\" \/>\n<meta property=\"article:published_time\" content=\"2022-12-22T12:27:01+00:00\" \/>\n<meta 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