Oakland Multifamily Market
Report

Vacancy holds steady as inventory growth slows. Oakland’s aggregate vacancy rate is expected to align with the national average following a third consecutive year of contraction. While the metro continues to experience annual job losses — a trend seen across the Bay Area — renter demand remains resilient, as homeownership remains financially out of reach for many households. This affordability gap is helping sustain rent growth, especially as new supply slows. Although recent CEQA reform and SB 79 legislation may support multifamily development in the long term, the near-term delivery pipeline remains limited. In 2026 and 2027, only the Oakland-Berkeley and Livermore-Pleasanton submarkets are expected to see meaningful additions. As a result, tight submarkets just outside the core — including Fremont and Richmond — are likely to maintain vacancy rates below 4 percent. Class C properties are expected to outperform in these areas, which offer relatively affordable rents and strong connectivity to employment centers across the Bay Area. These dynamics should indicate stability in local rent performance, despite broader economic uncertainty nationwide.