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Shifting Development Patterns and Demographics
Reshape Oakland’s Rental Outlook
Construction slowdown key to rental market recovery. The Oakland metro area has experienced elevated multifamily completions since 2019. The city has averaged about 3,500 units delivered annually, compared with a mean of 1,300 units from 2013 to 2018. In stark contrast, only 1,000 new units are expected to open this year, making Oakland the slowest-growing major U.S. rental market. This sharp contraction arrives at a critical moment, as it will help sustain falling vacancy amid stagnating growth in population, employment and income. Tightening vacancy should in turn position the average effective rent to gradually improve after two years of declines.