San Francisco Multifamily Market Report
Recovery Signals Light Up Across the Market as Core
San Francisco Takes Forward Strides
Employment recovery lifting up multifamily sector. The metro's labor market continues to steadily improve, with multiple sectors having already expanded headcounts beyond pre-COVID-19 benchmarks. This includes highly-specialized roles in professional and technical services, which support higher incomes and benefit demand for housing. Given a median home price 13 times greater than the metro's median income, more than double the U.S. ratio, much of this demand will be for higher-class apartments, including in and around the core. While office visitation remains below half of what it was pre-pandemic, renters are still leasing apartments in these areas to take advantage of other lifestyle amenities. Vacancy declined notably year-over-year in both Mission Bay and Downtown.