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Market Report

Oakland Multifamily Market

3Q 2023

East Bay Multifamily Landscape Improving After
Challenging 2022 as New Supply Pressure Tapers

Reset underway in central Oakland. While the metro has yet to recover from pandemic-induced net out-migration in 2020 and 2021, the area’s population is climbing. This is particularly true of Berkeley, where more people were living in February of this year than in February 2020. These additional households may be contributing to the recent improvement in renter demand in the area, as well as the adjoining city of Oakland. After more apartments were relinquished than leased in the Oakland-Berkeley submarket last year, 600-plus rentals were absorbed in the first half of 2023. This positive shift bodes well for new supply coming to the area, as the submarket is set to welcome more than 1,700 completed units for the second consecutive year. Deliveries are nevertheless notably down from the 2019-2021 period when an average of 2,900 rentals opened here per year. Continued net in-migration will further support demand and operations for both existing and new residential options. 

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