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June 24, 2024
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San Francisco Apartment Market Ranked First in the Nation


San Francisco’s healthy economy is driving apartment demand, as both employment and population growth are forecast to record increases in 2008 that are considerably higher than the metro’s long-term averages, according to the latest research from national brokerage firm Marcus & Millichap. According to the firm’s 2008 National Apartment Report, the market’s very high desirability among renters and active hiring in its largest employment sector, professional and business services, will continue to support apartment demand.

“Robust demand from private buyers, outstanding market fundamentals and a depleted inventory of for-sale apartment properties will push prices higher this year,” says Jeffrey Mishkin, Regional Manager of the San Francisco office of Marcus & Millichap.

Here are some of the most significant factors influencing Marcus & Millichap’s San Francisco Apartment Research Report:

• Employers will add 10,200 workers to payrolls in 2008, a 1 percent increase.
• This year, 800 apartments are forecast to come online, up from 750 units in 2007.
• Limited new supply and increased renter demand will likely push the metro-wide vacancy rate down 30 basis points to 4 percent this year.
• Asking rents are forecast to gain 7.8 percent to $1,995 per month by year end, while effective rents should advance 8.6 percent to $1,904 per month.
• Years of healthy price appreciation are driving some local buyers to expand or upgrade their holdings, with many investors targeting prime assets north of California Street in the Marina/Pacific Heights submarket.

Also included in the report is the firm’s annual National Apartment Index (NAI), a snapshot analysis that ranks 43 apartment markets based on a series of 12-month forward-looking supply and demand indicators. San Francisco moves up seven places this year to No. 1, surpassing last year’s leader, New York City, which slipped to No. 3. Seattle moved up five places to the No. 2 spot. San Jose climbed eight positions to the No. 4 slot. Oakland holds the No. 5 position, down two places from last year.

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