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Market Report

Bay Area Multifamily Market Report

Fourth Quarter 2019

Diverse Job Growth in Trio of Metros Generates Robust Demand Across All Tiers of Apartments

Bay Area economies thrive. Spanning the past 12 months, nearly 100,000 jobs were created in the region amid extremely low unemployment. Each metro that comprises the mega market recorded an annual improvement in job creation, with employers frequently recruiting from outside the region to fill open positions. The resulting inflow of residents and households, coupled with out-of-reach home prices, fueled demand for the 6,400 units completed over the past four quarters. During this stretch, strong absorption held vacancy in the high-3 percent band, positioning the region to handle the 3,600 doors slated for fourth quarter delivery.

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