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San Francisco January 2022 Apartment Building Market Report

January 2022 Multi-Family Market Report for Residential 5+ Unit Buildings

Sales of 5+ unit apartment buildings rebounded in 2021 after the plunge in sales in 2020 following the initial pandemic effect. San Francisco population numbers have declined by about 2% since 2019, but employment numbers continued to recover in 2021. Office attendance rates are still far below pre-pandemic levels. Rents in 2021 rebounded from the 2020-crash low, but remain significantly less than pre-pandemic values. Average cap rate has ticked up; average GRM, average dollar per square foot, and average price per unit have ticked down.

 

5+ unit residential income buildings. Sales reported to SF and NorCal MLS. This market consists of a relatively small number of sales, of buildings of widely varying sizes, qualities and financial characteristics, across a broad range of locations: This makes meaningful statistical analysis more difficult. Data from sources deemed reliable, but may contain errors and subject to revision. 2021 and Q4 2021 numbers are estimates using data available in early January 2022: Late reported sales may alter these numbers. All numbers approximate.

 

Annual Sales Volume 

San Francisco 5+ Unit Residential Building Sales

 

San Francisco Residential Rents - Approximate, Good Faith Estimates*

Average Asking Rent, 1994 - Present, Q1 Data Points (except as noted)

 

Average Cap Rates

San Francisco 5+ Unit Apartment Building Sales 

 

 

San Francisco 5+ Unit Apartment Building Sales

Average Dollar per Square Foot Values

 

Average Price per Unit

San Francisco 5+ Unit Apartment Building Sales

 

 

San Francisco 5+ Unit Apartment Building Sales

2021 Sales by Price Segment

 

Multi-Unit Residential Property Sales, 5+ Units

2021 Sales by San Francisco Realtor District

 

 

Median Sales Price Trends since 2011 

San Francisco 5-15 Unit Residential Apartment Buildings

 

San Francisco Population Trends since 2010

CA Department of Finance Estimates, July 1st to July 1st

 

 

San Francisco: Net DOMESTIC Migration, 2012-2021

Resident Movement between San Francisco County & Other U.S. Locations

 

San Francisco Apartment Building Market - 5+ Units

Active Listings Listed for Sale at End of Month

 

Percentage of Listings Accepting Offers in Quarter 

San Francisco 5+ Unit Building Market Dynamics

 

Median Price per Square Foot - Selected Submarkets

5+ Unit Apartment Buildings - 2021 Sales

 

 

San Francisco Employment Trends 

Number of Employed Residents since 2000

 

 

Post-Pandemic Office Occupancy Rates Remain Severely Depressed

Though generally climbing in 2021, commercial office attendance in the multi-county San Francisco Metro region (red line) and San Jose Metro region (green line) remains more than 70% below the pre-pandemic baseline.

 

San Francisco Multi-Family Building Sales

Top 7 Brokers, Multi-Unit Residential Sales, 2019-2021*

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