The San Francisco Apartment Building Market

April 2025 San Francisco apartment building market report cover with a Golden Gate Bridge panorama.

San Francisco apartment market report excerpt on economic uncertainty, rents, population, and Q1 2025 building sales.

Bar chart of quarterly San Francisco apartment building sales, 2017–2025, highlighting the Q1 2025 year-over-year increase.

Chart of quarterly offer acceptance rates for San Francisco 5+ unit multifamily listings, Q1 2018 to Q1 2025.

Chart of San Francisco apartment building gross rent multiples, peaking at 17.8 in 2016 before declining.

Bar chart of San Francisco apartment building cap rates, rising to 6.2% in Q1 2025.

Bar chart of San Francisco apartment building sale prices per square foot, peaking in 2018 and declining to $403 in Q1 2025.

Chart of San Francisco five-plus-unit apartment building sale prices, peaking in 2018 and declining to $2.4 million in Q1 2025.

Bar chart of San Francisco apartment building prices per unit, peaking at $485,000 in 2019 and declining to $317,000 in Q1 2025.

Chart of San Francisco average asking rents, 1994–2025, showing dot-com peak, pandemic drop, and recent recovery.

Infographic comparing 12-month sales statistics for five-plus-unit apartment buildings across San Francisco districts.

Chart of San Francisco apartment building sales by district and unit count over 12 months.

Chart of San Francisco 5+ unit building sales by construction era, with median sizes and prices.

Chart of San Francisco apartment building sales by price segment and unit count, with median prices and market times.

Chart of San Francisco housing affordability by quarter since 2006, showing 21% in the fourth quarter of 2024.

Chart of San Francisco County housing permits from 2009 to 2024, highlighting 931 units in 2024.

San Francisco County homeownership rates, falling to 42.6% in 2015 before rising to 44.4% in 2023.

Bar chart of San Francisco population trends, 2010–2024, peaking in 2018 before declining and partially recovering.

Infographic comparing San Francisco population-change components over the past year and since the pandemic.

Chart of San Francisco employment from 2016 to 2025, showing a sharp pandemic-era drop and partial recovery.

VIX volatility index chart from September 2022 to March 2025, with sharp spikes in July 2024 and April 2025.

Nasdaq and S&P 500 percentage-change chart, January 2024 to April 2025.

Chart of U.S. 30-year fixed mortgage rates from 1976 to 2025, with a peak in 1981 and recent increases.

Chart of U.S. CPI and core inflation, showing inflation falling from its 2022 peak through February 2025.

Bar chart of 2024 San Francisco 5+ unit multifamily sales by broker; Compass leads with 121, followed by Collier's with 39.

Compass report disclaimer covering market statistics, data limitations, and legal terms.

Work With Hanna John Azar