{"id":5742,"date":"2023-03-17T11:10:00","date_gmt":"2023-03-17T11:10:00","guid":{"rendered":"https:\/\/www.yardimatrix.com\/blog\/?p=5742"},"modified":"2023-09-12T19:46:27","modified_gmt":"2023-09-12T19:46:27","slug":"san-francisco-multifamily-market-report-february-2023","status":"publish","type":"post","link":"https:\/\/www.yardimatrix.com\/blog\/san-francisco-multifamily-market-report-february-2023\/","title":{"rendered":"San Francisco Multifamily Market Report \u2013 February 2023"},"content":{"rendered":"<h2>Rate Drop-Off Overshadows Solid Fundamentals<\/h2>\n<p>San Francisco\u2019s multifamily market <strong><a href=\"https:\/\/www.yardimatrix.com\/blog\/san-francisco-multifamily-market-report-november-2022\/\">posted a steady recovery for most of 2022<\/a><\/strong>, slowly moderating during the second half of the year. Rents decreased 0.4% on a trailing three-month basis through December, to $2,787. Year-over-year, rates were up 3.8%, 240 basis points lower than the U.S. figure. The metro is one of the few in the nation where occupancy rose, up 20 basis points year-over-year, to 95.4% as of November.<\/p>\n<p><iframe id=\"datawrapper-chart-R6PCC\" style=\"width: 0; min-width: 100% !important; border: none;\" title=\"San Francisco vs. National Rent Growth (Trailing 3 Months)\" src=\"https:\/\/datawrapper.dwcdn.net\/R6PCC\/1\/\" height=\"376\" frameborder=\"0\" scrolling=\"no\" aria-label=\"Interactive line chart\" data-external=\"1\"><\/iframe><script type=\"text\/javascript\">!function(){\"use strict\";window.addEventListener(\"message\",(function(a){if(void 0!==a.data[\"datawrapper-height\"]){var e=document.querySelectorAll(\"iframe\");for(var t in a.data[\"datawrapper-height\"])for(var r=0;r<e.length;r++)if(e[r].contentWindow===a.source){var i=a.data[\"datawrapper-height\"][t]+\"px\";e[r].style.height=i}}}))}();\n<\/script><\/p>\n<p>San Francisco unemployment stood at 2.8% in November, according to preliminary data from the Bureau of Labor Statistics, leading the state (4.1%), the U.S. (3.6%) and all major California metros except San Jose (2.4%). The job market expanded 4.9% in the 12 months ending in October, outperforming the 4.1% U.S. figure, but the metro still has a long way to go to recover the residents and jobs lost during the pandemic. In addition to the projected recession, the local economy has to overcome a pullback in venture capital investments and staff reductions and hiring freezes in the tech sector.<\/p>\n<p><iframe id=\"datawrapper-chart-sJSOS\" style=\"width: 0; min-width: 100% !important; border: none;\" title=\"San Francisco Employment Share by Sector\" src=\"https:\/\/datawrapper.dwcdn.net\/sJSOS\/1\/\" height=\"583\" frameborder=\"0\" scrolling=\"no\" aria-label=\"Table\" data-external=\"1\"><\/iframe><script type=\"text\/javascript\">!function(){\"use strict\";window.addEventListener(\"message\",(function(a){if(void 0!==a.data[\"datawrapper-height\"]){var e=document.querySelectorAll(\"iframe\");for(var t in a.data[\"datawrapper-height\"])for(var r=0;r<e.length;r++)if(e[r].contentWindow===a.source){var i=a.data[\"datawrapper-height\"][t]+\"px\";e[r].style.height=i}}}))}();\n<\/script><\/p>\n<p>Developers delivered 6,860 units in 2022, below the 7,300 annual average of the past five years. The construction pipeline had 19,500 units underway, posting an increase in the number of construction starts. Meanwhile, multifamily investment volume surpassed $2.2 billion in 2022, mainly during the first half of the year. The average price per unit stayed high, at $410,446.<\/p>\n<p>Read the full <strong><a href=\"https:\/\/www.yardimatrix.com\/publications\/download\/file\/3499-MatrixMultifamilySanFranciscoReport-February2023\" target=\"_blank\" rel=\"noopener\">Matrix Multifamily San Francisco Report-February 2023<\/a><\/strong><\/p>\n\n\n<div style=\"height:45px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Rate Drop-Off Overshadows Solid Fundamentals San Francisco\u2019s multifamily market posted a steady recovery for most of 2022, slowly moderating during the second half of the year. Rents decreased 0.4% on a trailing three-month basis through December, to $2,787. Year-over-year, rates were up 3.8%, 240 basis points lower than the U.S. figure. The metro is one [&hellip;]<\/p>\n","protected":false},"author":753,"featured_media":5743,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[12,5,4],"tags":[475,430],"class_list":["post-5742","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-metro-reports","category-multifamily-market","category-real-estate-trends","tag-multifamily-outlook-2023","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 February 2023 - Yardi Matrix Blog<\/title>\n<meta name=\"description\" content=\"San Francisco rents declined 0.4% on a T3 basis through December, as rental sector performance moderated across the nation to end 2022.\" \/>\n<meta name=\"robots\" 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