Oakland Multifamily Market Report
Berkeley and Oakland Proper Work Their Way Back From Pandemic Hurdles
Proximity to satellite offices supports East Bay living. Backed by in-migration from neighboring metros amid a shift to hybrid and remote work schedules, Oakland apartments recorded a swift increase in leasing activity last year. While some companies previously considered the market as a cost effective alternative to other Bay Area locations, the shift in employees' residences adds a new consideration. One submarket that saw significant renter demand growth was Fremont, long-time home to Tesla and recent host to new Facebook offices. Having dropped 200 basis points over the previous four quarters, vacancy in Fremont was among the lowest in the market at the onset of the second half. This has enabled effective rent growth to outpace that of all other submarkets at 17.6 percent year-over-year.