Over the next few years, the East Bay is set to lead the San Francisco Bay Area in multifamily construction. The region allows for more apartment development with ample and lower-price land as well as reliable public transportation for incoming residents. The population in the East Bay continues to grow as people opt for more suburban areas.
The region has already surpassed its neighboring cities of San Francisco and San Jose with the development of close to 8,500 units. This would bring the total market inventory up by about 5%. East Bay areas with notable activity include Emeryville, Pittsburg/Antioch, Walnut Creek/San Ramon, Fremont/Newark, and Downtown Oakland.
2021 showed a lower vacancy rate as well as a record demand. The vacancy rate in the East Bay is predicted to remain low and fall below 5% in the coming years in Costar’s forecast model. With an increasing population in the region, the renter demand is expected to fulfill the growing supply of multifamily units.
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