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Market Report

Oakland Multifamily Market

2Q 2023

Prospects for Future Population Gains
Provide Long-Run Optimism

New supply impacts vacancy. Hybrid work options and inflationary pressures on household budgets have recently hindered apartment demand in the metro’s urban core. During the past year ending March, vacancy in Oakland-Berkeley rose over 300 basis points to 7.2 percent, with the submarket accounting for roughly half of the units delivered during the span. In response, metro availability rose to 5.2 percent, as the submarket accounts for more than 40 percent of total stock. Elsewhere, vacancy increases were relatively moderate, including in Walnut Creek-Lafayette, San Ramon-Dublin and Fremont. These settings offer access to high-quality schools and public transit that still allow for timely commutes into urban locales across the Bay Area. However, the Downtown Oakland Specific Plan is attempting to revitalize the CBD by revising zoning and height restrictions to allow for mixed-use and transit-oriented development, initiatives that have the potential to benefit urban core renter demand moving forward.

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