Despite the pandemic and the high cost of lumber, the Bay Area is seeing increases in apartment construction this year in both the San Francisco and San Jose metro areas, where a combined total of 13,000 new units are expected to enter the market, according to a new report from RENTCafé .
Among the data points:
- San Jose Metro is set to increase its number of new apartments by 79% compared to 2020, the second highest jump in the nation. The San Francisco area is also witnessing a strong 36% increase.
- When discussing number of units, neither San Francisco nor San Jose metro areas are among the top 10 in the nation, but both areas are experiencing a 5-year high in projected new apartments – 7,872 and 5,625, respectively.
- Oakland is the hottest market for apartment construction, with more than 3,168 new units to be completed. San Francisco proper is set to deliver about half that number, 1,521.
- San Jose leads the rest of its metro with 2,175 projected deliveries. Mountain View follows with 1,714 new units.
The full report is here: https://www.rentcafe.com/blog/rental-market/apartment-construction-2021/.
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