San Jose Apartment Supply Picks Up Ahead of San Francisco and Oakland

Apartment inventory growth slowed down in calendar 2024 in Oakland. Oakland added 2,751 new apartment units in calendar 2024, according to data from RealPage Market Analytics. These completions grew the Oakland inventory base by a modest 0.9%. Inventory growth was similar in San Francisco (0.9%), which typically runs notably below inventory growth in Oakland. San Jose, on the other hand, saw a more significant bump of 1.7% in calendar 2024. Meanwhile, the U.S. average inventory growth in the past year was more aggressive than all three Bay Area markets at 3%. Not surprisingly, Oakland supply volumes were greatest in the past year in the Oakland/Berkeley submarket, which is the closest to San Francisco, supporting commuters looking for a more economical option. Looking further back, in the past ten years, apartment inventory has grown about 19.5% in San Jose over the last decade, roughly matching the U.S. norm of 21%. Oakland’s total apartment inventory has grown 12.6% in the last decade, compared to San Francisco’s 10.3% inventory growth. In 2025, San Jose it set to add nearly 4,000 apartment units, accounting for a 2.2% increase to total apartment inventory. San Francisco and Oakland will grow more modestly, adding about 1,300 and 1,200 units, respectively, in 2025.