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The San Francisco 5+ Unit Apartment Building Market

January 2025 Multi-Family Market Report

January 2025 San Francisco apartment building market report for residential buildings with five or more units.

Chart of San Francisco 5+ unit apartment building sales by quarter, with Q4 2024 the highest in over eight years.

Bar chart of San Francisco 5+ unit listings accepting offers by quarter, with Q4 2024 at 37%.

Chart of San Francisco 5+ unit apartment building gross rent multiples, declining to 11.1 in 2024.

Bar chart of average cap rates for San Francisco 5+ unit apartment sales, rising to 6.1 in 2024.

Chart of San Francisco 5+ unit apartment building sale prices per square foot, 2004–2024, peaking in 2018.

Chart of San Francisco 5+ unit apartment building median sale prices, peaking in 2018 and falling to $2.49 million in 2024.

Bar chart of San Francisco 5+ unit apartment building prices per unit, peaking at $485,000 in 2019 and falling to $330,000 in 2024.

Chart of estimated San Francisco rents from 1994 to 2024, showing the pandemic-era drop and subsequent recovery.

Chart comparing 2024 sales of San Francisco apartment buildings with five or more units across Realtor districts.

Chart of 2024 San Francisco 5+ unit apartment sales by district and building size, with the most sales in Russian Hill, Nob Hill, and the Financial District.

Chart of 2024 San Francisco apartment building sales by price range and number of units, with median price and market statistics.

Chart of San Francisco employment, peaking near 575,000 in 2020 before falling and partially recovering by November 2024.

Chart of U.S. 30-year fixed mortgage rates from 1976 to 2025, peaking near 19% in 1981 and rising after 2021.

CPI inflation chart from January 2021 to November 2024, peaking at 8.9% in June 2022 and ending at 2.7%.

Chart of 30-year mortgage rates from 1976 to 2025, with a 1981 peak and a sharp rise beginning in 2022.

Bar chart of San Francisco 5+ unit apartment sales by broker in 2024, with Compass leading at 121 sales.

Economic charts on mortgage rates, consumer sentiment, financial markets, inflation, and Bay Area real estate factors.

 

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