Oakland Multifamily Market Report

Apartment market expected to stabilize further. From 2019 to 2024, Oakland received roughly 3,000 new units annually. The overhang from these deliveries pushed vacancy to a historically high 5.8 percent in 2023, and the market has been gradually recovering since. As net absorption continues to outpace deliveries this year, market conditions should further stabilize as vacancy returns to its long-term average and rent growth gains momentum. This trend is most evident in Oakland-Berkeley, which recorded a 200-basis-point decline in vacancy in the 12 months ended in March, the largest in the metro, while also posting the highest rent growth at 4.2 percent over the period.