San Francisco Multifamily Report – February 2025
Some metrics are improving, but rent movement's still in the red.
San Francisco’s overall performance in 2024 was stable, amid seasonal slowdowns and economic challenges. Average advertised asking rents declined 0.4 percent on a trailing three-month basis through December, and by 0.5 percent year-over-year, to $2,786. Meanwhile, the U.S. rate rose 0.6 percent year-over-year. The occupancy rate in stabilized properties was up 30 basis points year-over-year through November, to 95.6 percent, ahead of the 94.7 percent U.S. figure.
Employment growth rebounded in 2024, climbing 0.6 percent year-over-year through November, but was still behind the 1.3 percent U.S. average. San Francisco added 14,300 net jobs over the 12-month period
through November, led by education and health services (16,200) and trade, transportation and utilities (7,100). Half of the metro’s sectors lost a combined 19,200 positions, with the most losses recorded in information (-9,100) and manufacturing (-6,500). The metro’s unemployment rate stood at 4.3 percent in November, just above the 4.2 percent U.S. figure. Project updates include the completion of the first phase of San Francisco’s Mission Rock 28-acre masterplan and the delivery of the first two buildings at Southline, a 31-acre science and technology development in South San Francisco.
Developers delivered 7,754 units in 2024, down 13.9 percent year-over-year. The pipeline included 13,620 units under construction as of December. More than half of these were in fully affordable projects.
