San Francisco Multifamily Market Report

Rent growth strongest in the City of San Francisco. Compared with the broader U.S. apartment market, San Francisco is outperforming on almost all metrics. The metro did not experience a post-pandemic supply expansion; with demand steadily outpacing openings each year, metrowide vacancy now sits at historically low levels. The CBD, which struggled during the pandemic years, is now seeing vacancy rates in the 3-percent range following a 160-basis-point decline in 2025, as tech-sector tailwinds continue to bring high-paying roles to the city. Class A rent growth exceeded 13 percent year-over-year in SoMa, Mission Bay, Richmond-Western Addition, and Downtown San Francisco.