Oakland Multifamily Market Report
Suburban Demand Remains Healthy;
Downtown Construction Presents Temporary Challenge
Health crisis demand proves resilient. Following the work-from-home orders at the onset of the pandemic, numerous residents in densely populated San Francisco sought larger accommodations in more sparsely populated locations. The need to learn remotely and have a home office made many of the smaller San Francisco apartments prohibitive, which drove demand into Contra Costa County. As a result, the area’s vacancy rate declined from 4.0 percent in the first quarter of last year to 2.9 percent in mid-2021. The rise of the delta variant will likely keep many of those renters in place through the end of the year, and some permanently as more tech firms adopt hybrid or remote strategies. Facebook, Twitter and Salesforce are all exploring or offering these new models, which should benefit the East Bay.