San Francisco’s apartment market made one of the biggest occupancy recoveries in the nation in the past year, after suffering one of the deepest setbacks in 2020. Apartment occupancy climbed 330 basis points (bps) in San Francisco in the year-ending August. While most of the nation’s best occupancy increases have registered in smaller, more affordable coastal markets benefitting from the trend toward a more flexible at-home workforce during the COVID-19 pandemic, San Francisco’s increase was more the result of a comeback from the deep dives occupancy in this market suffered in 2020. Despite recent increases, occupancy in San Francisco was still one of the softest nationwide at 95.8% in August. This showing was a few ticks ahead of San Francisco’s five-year average, but still well behind the national norm. Among the nation’s largest 50 apartment markets, only Houston recorded softer occupancy in August.
