{"id":8168,"date":"2024-08-19T07:25:00","date_gmt":"2024-08-19T07:25:00","guid":{"rendered":"https:\/\/www.yardimatrix.com\/blog\/?p=8168"},"modified":"2024-12-16T08:08:46","modified_gmt":"2024-12-16T08:08:46","slug":"san-francisco-multifamily-market-report-february-2024-2","status":"publish","type":"post","link":"https:\/\/www.yardimatrix.com\/blog\/san-francisco-multifamily-market-report-february-2024-2\/","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>Job Growth, Occupancy Steady<\/h2>\n<p>San Francisco started 2024 with a modest recovery following several months of contractions, according to the latest San Francisco multifamily market report. Advertised asking rents were up 0.5% on a trailing three-month basis through May, to $2,799, outpacing the nation\u2019s 0.3%. The metro\u2019s average outpaced the U.S. for the first time in more than a year. Occupancy remained steady, at 95.3% in stabilized properties as of April, unchanged from last year, unlike several other major markets where rates have been declining. Meanwhile, the national average was down 60 basis points, to 94.5%.<\/p>\n<p><iframe id=\"datawrapper-chart-M4Yky\" style=\"width: 0; min-width: 100% !important; border: none;\" title=\"San Francisco vs. National Rent Growth\" src=\"https:\/\/datawrapper.dwcdn.net\/M4Yky\/1\/\" height=\"321\" 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>Unemployment increased 90 basis points year-over-year, to 3.9% as of April, according to preliminary data from the Bureau of Labor Statistics. This was on par with the nation, but significantly below California\u2019s 5.3%. The metro added 14,800 jobs over the 12-month period ending in March, accounting for a 0.3% expansion, 110 basis points below the U.S. rate of growth. Education and health services gained the most jobs (26,000), while the information sector recorded the most significant losses (-14,700). The metro\u2019s second-largest sector is sustained by ongoing major projects, such as the $4.3 billion expansion of UCSF Parnassus Heights Hospital.<\/p>\n<p><iframe id=\"datawrapper-chart-dwnXj\" style=\"width: 0; min-width: 100% !important; border: none;\" title=\"San Francisco Employment Share by Sector\" src=\"https:\/\/datawrapper.dwcdn.net\/dwnXj\/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>San Francisco\u2019s existing multifamily stock expanded 1.0% in the first five months of the year, slightly above the U.S. by 10 basis points. However, the 77.7% decline in construction starts indicates that development is slowing down.<\/p>\n<p>Read the full Yardi Matrix San Francisco Multifamily Market Report: <a href=\"\/publications\/download\/file\/5933-MatrixMultifamilySanFranciscoReport-July2024\"><strong>July 2024<\/strong><\/a><\/p>","protected":false},"excerpt":{"rendered":"<p>Job Growth, Occupancy Steady San Francisco started 2024 with a modest recovery following several months of contractions, according to the latest San Francisco multifamily market report. Advertised asking rents were up 0.5% on a trailing three-month basis through May, to $2,799, outpacing the nation\u2019s 0.3%. The metro\u2019s average outpaced the U.S. for the first time [&hellip;]<\/p>\n","protected":false},"author":436,"featured_media":7707,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[12,5,4],"tags":[511,430],"class_list":["post-8168","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-metro-reports","category-multifamily-market","category-real-estate-trends","tag-multifamily-outlook-2024","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 2024 - Yardi Matrix Blog<\/title>\n<meta name=\"description\" content=\"San Francisco\u2019s advertised rents started their recovery in February and were up 0.5% on a T3 basis through May, Yardi Matrix data shows.\" \/>\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-february-2024-2\/\" \/>\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 February 2024\" \/>\n<meta property=\"og:description\" content=\"San Francisco\u2019s advertised rents started their recovery in February and were up 0.5% on a T3 basis through May, Yardi Matrix data shows.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.yardimatrix.com\/blog\/san-francisco-multifamily-market-report-february-2024-2\/\" \/>\n<meta property=\"og:site_name\" content=\"Yardi Matrix Blog\" \/>\n<meta property=\"article:published_time\" content=\"2024-08-19T07:25:00+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-12-16T08:08:46+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.yardimatrix.com\/blog\/wp-content\/uploads\/sites\/39\/2024\/03\/San-Francisco-iStock-2160607804.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"628\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Adina Rogoz\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Tudor Scolca-Seusan\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"San Francisco Multifamily Market Report \u2013 February 2024 - 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