Figures

Bay Area Multifamily Figures Q4 2025

San Francisco (#1) & San Jose (#2) Leading All U.S. Markets in Rent Growth

February 2, 2026 5 Minute Read

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  • Bay Area rents grew 4.3% YoY in 2025 but declined 0.6% QoQ.
  • Downtown SF led at 11.9% YoY; East San Jose was lowest at -2.3%.
  • Vacancy rose to 4.2% (+40 bps QoQ).
  • Absorption hit 11,316 units vs. 8,371 deliveries.
  • Sales topped $8B, up 9.8% YoY