Market Report
Oakland Multifamily Market Report
1Q 2026
Shrinking Pipeline and New Investor
Interest
Improve Outlook for Multifamily
Market fundamentals improving, aided by reduced inventory growth. Oakland’s metrowide vacancy rate is expected to land around the nationwide average following a third straight year of contraction. Despite the metro seeing continued annual job losses — a trend common across the Bay Area in recent years — renter demand is expected to hold up, as homeownership remains out of reach for many. This dynamic is helping maintain upward momentum for rent growth amid a lack of new supply. While the state’s CEQA reform and SB 79 legislation may facilitate multifamily development in the long run, the delivery pipeline in Oakland for 2026 and 2027 remains very limited. Only the Oakland-Berkeley and Livermore-Pleasanton submarkets are expected to see meaningful additions. As a result, tight submarkets just outside the core — such as Fremont and Richmond — should continue to see vacancy rates below 4 percent. Class C properties are expected to perform especially well in these infill areas, which offer slightly more affordable rents and convenient access to employment centers around the Bay Area.
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