Oakland Multifamily Market
In-Migration and Remote Work Nurture
Performance in The Bay's Tightest Market
Comparably lower costs advantageous for rental demand. Oakland has the lowest average effective monthly rent in the Bay Area, helping it secure the tightest vacancy rate of the three. Lower rents appeal to cost-conscious workers moving to the Bay Area from other parts of the country, a factor that may become even more important during a period of high inflation. At the same time, remote work flexibility has encouraged some people already in the area to consider a move to Oakland. The metro recorded higher population growth since the end of 2014 than San Francisco and San Jose combined, and projections indicate this trend will remain intact. The demand created by newly relocated households produced a 170-basis-point decrease in vacancy last year, and availability will continue to fall in 2022.