{"id":7705,"date":"2024-08-19T07:49:05","date_gmt":"2024-08-19T07:49:05","guid":{"rendered":"https:\/\/www.yardimatrix.com\/blog\/?p=7705"},"modified":"2024-08-29T08:15:56","modified_gmt":"2024-08-29T08:15:56","slug":"san-francisco-multifamily-market-report-february-2024","status":"publish","type":"post","link":"https:\/\/www.yardimatrix.com\/blog\/san-francisco-multifamily-market-report-february-2024\/","title":{"rendered":"San Francisco Multifamily Market Report \u2013 February 2024"},"content":{"rendered":"\n<p class=\"has-normal-font-size\">Read the latest Yardi Matrix <strong><a href=\"\/blog\/san-francisco-multifamily-market-report\/\">San Francisco Multifamily Market Report<\/a><\/strong>.<\/p>\n\n\n<hr \/>\n<h2>Occupancy Plateau Bucks Trend<\/h2>\n<p>Despite some San Francisco officials bracing for a potential \u201cdoom loop,\u201d optimism persists for a rebound to pre-pandemic performance, according to the latest San Francisco multifamily market report. Rents declined 0.4% on a trailing three-month basis through December, to $2,753, 10 basis points below the national rate, as reported in the <a href=\"https:\/\/www.yardimatrix.com\/blog\/national-multifamily-market-report\/\"><strong>U.S. multifamily market outlook<\/strong><\/a>. However, last year, developers also delivered the third-largest annual volume since 2016. Meanwhile, demand kept occupancy flat at a still healthy 95.3% in December.<\/p>\n<p><iframe id=\"datawrapper-chart-VaEqh\" style=\"width: 0; min-width: 100% !important; border: none;\" title=\"San Francisco vs. National Rent Growth (Trailing 3 Months)\" src=\"https:\/\/datawrapper.dwcdn.net\/VaEqh\/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\u2019s employment market expanded 2.1%, or 42,000 net jobs, on a year-over-year basis, trailing the 2.3% U.S. rate. During this time, three sectors lost 14,200 jobs combined, and the hardest hit remained professional and business services (-9,500 jobs). Unemployment in the metro rose from 3.3% in January to 4.0% in November, but still outperformed the state (4.9%), Los Angeles (4.7%), San Diego (4.2%) and Sacramento (4.5%), and trailed the national (3.7%) and San Jose (3.9%) figures. Education and health services and leisure and hospitality led job gains, adding 39,200 jobs combined.<\/p>\n<p><iframe id=\"datawrapper-chart-EoEzk\" style=\"width: 0; min-width: 100% !important; border: none;\" title=\"San Francisco Employment Share by Sector\" src=\"https:\/\/datawrapper.dwcdn.net\/EoEzk\/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>Developers delivered 7,737 units in 2023, and in December had 16,573 units underway and 126,500 in the planning and permitting stages. Meanwhile, transaction activity dropped to the lowest level recorded this past decade, at $1.1 billion in sales, for a price per unit that plummeted 38% year-over-year, to $215,575 in December.<\/p>\n<p>Read the full Yardi Matrix San Francisco Multifamily Market Report: <a href=\"\/publications\/download\/file\/5079-MatrixMultifamilySanFranciscoReport-February2024\"><strong>February 2024<\/strong><\/a><\/p>","protected":false},"excerpt":{"rendered":"<p>Occupancy Plateau Bucks Trend Despite some San Francisco officials bracing for a potential \u201cdoom loop,\u201d optimism persists for a rebound to pre-pandemic performance, according to the latest San Francisco multifamily market report. Rents declined 0.4% on a trailing three-month basis through December, to $2,753, 10 basis points below the national rate, as reported in the [&hellip;]<\/p>\n","protected":false},"author":753,"featured_media":7025,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-7705","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized"],"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 2024 - Yardi Matrix Blog<\/title>\n<meta name=\"description\" content=\"San Francisco\u2019s rents fell 0.4 percent on a T3 basis through December to $2,753, slightly more than the U.S. average decrease of 0.3 percent.\" \/>\n<meta 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