Figures

Bay Area Multifamily Figures Q3 2026

October 23, 2026 5 Minute Read

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  • Momentum exhibited some deceleration as vacancy was unchanged from the previous quarter at 3.0% and down 352 bps YoY. Net absorption reported 403 units compared to 4,859 in Q2, as completions rose to 1,499.
  • Rents kept climbing, up 3.8% QoQ and 9.8% YoY to $3,497 per unit.
  • San Francisco led the way as rents rose 15.4% YoY to $4,180, driven by Downtown (+25.3%) and SoMa (+20.1%). Vacancy still rose 59 bps to 3.0% as net absorption came in at -1,213 units for the quarter.
  • Silicon Valley remained the tightest market in terms of vacancy at 2.7% with an average rent of $3,661 (+8.6% YoY) per unit.
  • Capital markets diverged as San Francisco traded $1.46 billion across 123 deals while Silicon Valley reported just 24 transactions for $569 million in total volume.