Institutional Property Advisors Releases Special San Francisco Bay Area Multifamily Report
December 04 2023 - 9:20PM
Business Wire
Institutional Property Advisors (IPA), a division of Marcus
& Millichap (NYSE:MMI), has published a special new report: Bay
Area Multifamily.
“There is a solid case to be made for the investment appeal and
performance potential of the San Francisco Bay Area’s multifamily
sector despite news narratives that emphasize the area’s economic
challenges,” stated Greg Willett, first vice president and national
director, research services, IPA. “Key indicators pointing to a
strong multifamily market in the Bay Area include employment that
exceeds the pre-pandemic level, exorbitant single-family home
prices, and the limited supply of new apartments.”
IPA’s Bay Area Multifamily report provides investors with data
and analysis on the market, including:
- The national premium to buy a median-priced single-family home
versus rent for an average apartment is at a record $1,291 per
month. That gap in affordability in the East Bay exceeds $4,800 per
month and is $9,200 per month in San Francisco and the South
Bay.
- The 17,400 units under construction regionally going into Q4
2023 will yield inventory growth of 2.6%, just half of the 5.2%
expansion on the way nationally.
- Combined employment in San Francisco, East Bay and South Bay
metro areas is approaching 3.6 million jobs.
“Northern California’s strong concentration of high-paying jobs
underscores the importance of the region’s technology sector and
ability to attract venture capital,” added John Sebree, senior vice
president and national director of the firm’s Multi Housing
Division. “With innovation as one of the area’s great strengths,
the Bay Area should account for a significant share of job creation
driven by new artificial intelligence capabilities.”
Access IPA’s Bay Area Multifamily Report here.
About Institutional Property Advisors (IPA)
Institutional Property Advisors (IPA) is a division of Marcus
& Millichap (NYSE: MMI), a leading commercial real estate
services firm in North America. IPA’s combination of real estate
investment and capital markets expertise, industry-leading
technology, and acclaimed research offers customized solutions for
the acquisition, disposition and financing of institutional
properties and portfolios. For more information, please visit
www.institutionalpropertyadvisors.com
About Marcus & Millichap, Inc. (NYSE: MMI)
Marcus & Millichap, Inc. is a leading brokerage firm
specializing in commercial real estate investment sales, financing,
research and advisory services with offices throughout the United
States and Canada. As of December 31, 2022, the company had 1,904
investment sales and financing professionals in 81 offices who
provide investment brokerage and financing services to sellers and
buyers of commercial real estate. The company also offers market
research, consulting and advisory services to clients. Marcus &
Millichap closed 12,272 transactions in 2022, with a sales volume
of approximately $86.3 billion. For additional information, please
visit www.MarcusMillichap.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20231204113556/en/
Gina Relva, VP of Public Relations
Gina.Relva@MarcusMillichap.com
Marcus and Millichap (NYSE:MMI)
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