{"id":7271,"date":"2024-01-25T06:28:00","date_gmt":"2024-01-25T06:28:00","guid":{"rendered":"https:\/\/www.yardimatrix.com\/blog\/?p=7271"},"modified":"2024-04-12T06:34:10","modified_gmt":"2024-04-12T06:34:10","slug":"sacramento-multifamily-market-report-dec-2023","status":"publish","type":"post","link":"https:\/\/www.yardimatrix.com\/blog\/sacramento-multifamily-market-report-dec-2023\/","title":{"rendered":"Sacramento Multifamily Market Report \u2013 December 2023"},"content":{"rendered":"\n<p class=\"has-normal-font-size\">Read the latest Yardi Matrix <strong><a href=\"\/blog\/sacramento-multifamily-market-report\/\">Sacramento Multifamily Market Report<\/a><\/strong>.<\/p>\n\n\n<hr \/>\n<h2>Record Supply, Rate Growth Flat<\/h2>\n<p>Sacramento\u2019s multifamily fundamentals posted mixed results at the start of the fourth quarter. Rent growth remained flat for the third consecutive month in October, despite record supply expansion, according to the latest Sacramento multifamily market report. At $1,916, the metro\u2019s average rate <a href=\"\/blog\/national-multifamily-market-report-december-2023\/\"><strong>remained above the $1,718 U.S. figure<\/strong><\/a>. The occupancy rate in stabilized properties fell 70 basis points to 94.7% in the 12 months ending in September, solely due to a drop in the Renter-by-Necessity segment.<\/p>\n<p><iframe id=\"datawrapper-chart-7Szwy\" style=\"width: 0; min-width: 100% !important; border: none;\" title=\"Sacramento vs. National Rent Growth (Trailing 3 Months)\" src=\"https:\/\/datawrapper.dwcdn.net\/7Szwy\/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>The jobless rate in California\u2019s capital stood at 4.3% in September, according to the Bureau of Labor Statistics, trailing the U.S. (3.8%) but surpassing the state (4.7%) and Los Angeles (5.3%). The job market expanded 2.5% year-over-year as of August, on par with the national average. During the period, three sectors lost jobs\u2014financial activities, information and manufacturing\u2014for a total of 1,900 jobs combined. Meanwhile, half of the 25,700 new positions were added to Sacramento\u2019s second-largest economic driver, education and health services. Supporting the sector\u2019s growth, California Northstate University\u2019s plans for a new medical campus at the site of the Sleep Train Arena were approved.<\/p>\n<p><iframe id=\"datawrapper-chart-HPGuK\" style=\"width: 0; min-width: 100% !important; border: none;\" title=\"Sacramento Employment Share by Sector\" src=\"https:\/\/datawrapper.dwcdn.net\/HPGuK\/1\/\" height=\"423\" 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>Deliveries through October marked a new annual record, expanding the stock by 2,200 units, with another 42,500 units under construction. Heavily impacted by the financing landscape, investment volume totaled just $119 million through October, for a price per unit that declined 24.8% year-over-year, to $206,188.<\/p>\n<p>Read the full <a href=\"\/publications\/download\/file\/4924-MatrixMultifamilySacramentoReport-December2023\"><strong>Matrix Multifamily Sacramento Report-December 2023 <\/strong><\/a><\/p>","protected":false},"excerpt":{"rendered":"<p>Record Supply, Rate Growth Flat Sacramento\u2019s multifamily fundamentals posted mixed results at the start of the fourth quarter. Rent growth remained flat for the third consecutive month in October, despite record supply expansion, according to the latest Sacramento multifamily market report. At $1,916, the metro\u2019s average rate remained above the $1,718 U.S. figure. The occupancy [&hellip;]<\/p>\n","protected":false},"author":753,"featured_media":6745,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[12,5,4],"tags":[475,72],"class_list":["post-7271","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-sacramento"],"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>Sacramento Multifamily Market Report \u2013 December 2023 - Yardi Matrix Blog<\/title>\n<meta name=\"description\" content=\"Sacramento rents remained flat for the third consecutive month on a T3 basis through October, while the average national rate declined 0.1%.\" \/>\n<meta name=\"robots\" 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