{"id":8542,"date":"2024-12-05T12:55:00","date_gmt":"2024-12-05T12:55:00","guid":{"rendered":"https:\/\/www.yardimatrix.com\/blog\/?p=8542"},"modified":"2025-03-18T13:04:26","modified_gmt":"2025-03-18T13:04:26","slug":"san-francisco-multifamily-market-report-november-2024","status":"publish","type":"post","link":"https:\/\/www.yardimatrix.com\/blog\/san-francisco-multifamily-market-report-november-2024\/","title":{"rendered":"San Francisco Multifamily Market Report \u2013 November 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>Rents Decline, Supply Steadies<\/h2>\n<p>San Francisco\u2019s multifamily market ended the third quarter with an uneven performance as fundamentals were influenced by several economic factors, including seasonal slowdowns, according to the latest San Francisco multifamily market report. Average advertised asking rents were down 0.1%, on a trailing three-month basis through September, to $2,811, while the national rate stood flat, at $1,750. Occupancy in the metro increased 40 basis points year-over-year, to 95.7%, above the 94.8% U.S. average, as noted in the\u00a0<strong><a href=\"https:\/\/www.yardimatrix.com\/blog\/national-multifamily-market-report\/\">national multifamily market report<\/a><\/strong>.<\/p>\n<p><iframe id=\"datawrapper-chart-SzNKB\" style=\"width: 0; min-width: 100% !important; border: none;\" title=\"San Francisco vs. National Rent Growth \" src=\"https:\/\/datawrapper.dwcdn.net\/SzNKB\/1\/\" height=\"335\" 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 reached 4.7% in August, 50 basis points higher than the national figure, according to preliminary data from the Bureau of Labor Statistics. Although job growth only saw a 0.5% rate of expansion over the 12 months ending in July, the rate was an improvement from the beginning of the year. The metro gained 27,500 net jobs during this period, with education and health services contributing the most (23,700 jobs). Meanwhile, tech layoffs continued, with the information sector contracting by 9,200 jobs.<\/p>\n<p><iframe id=\"datawrapper-chart-TqeLO\" style=\"width: 0; min-width: 100% !important; border: none;\" title=\"San Francisco Employment Share by Sector  \" src=\"https:\/\/datawrapper.dwcdn.net\/TqeLO\/1\/\" height=\"417\" 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>Supply expansion was still low but showed signs of improvement, as developers completed 6,132 units year-to-date through September. This was only about 200 units less than the deliveries recorded during the same period last year. Construction starts were down 64.4% year-over-year, however. Meanwhile, investors traded $1.2 billion in multifamily assets year-to-date through September, on par with the total volume for 2023.<\/p>\n<p>Read the full Yardi Matrix San Francisco Multifamily Market Report: <a href=\"https:\/\/www.yardimatrix.com\/publications\/download\/file\/6506-MatrixMultifamilySanFranciscoReport-November2024\"><strong>November 2024<\/strong><\/a><\/p>","protected":false},"excerpt":{"rendered":"<p>Rents Decline, Supply Steadies San Francisco\u2019s multifamily market ended the third quarter with an uneven performance as fundamentals were influenced by several economic factors, including seasonal slowdowns, according to the latest San Francisco multifamily market report. Average advertised asking rents were down 0.1%, on a trailing three-month basis through September, to $2,811, while the national [&hellip;]<\/p>\n","protected":false},"author":436,"featured_media":8170,"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-8542","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 November 2024 - Yardi Matrix Blog<\/title>\n<meta name=\"description\" content=\"San Francisco\u2019s advertised asking rents were down 0.1 percent on a T3 basis through September, to $2,811, while the U.S. rate stayed flat.\" \/>\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-2024\/\" \/>\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 2024\" \/>\n<meta property=\"og:description\" content=\"San Francisco\u2019s advertised asking rents were down 0.1 percent on a T3 basis through September, to $2,811, while the U.S. rate stayed flat.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.yardimatrix.com\/blog\/san-francisco-multifamily-market-report-november-2024\/\" \/>\n<meta property=\"og:site_name\" content=\"Yardi Matrix Blog\" \/>\n<meta property=\"article:published_time\" content=\"2024-12-05T12:55:00+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2025-03-18T13:04:26+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.yardimatrix.com\/blog\/wp-content\/uploads\/sites\/39\/2024\/08\/San-Francisco-iStock-2182761299.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 November 2024 - 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