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.
