Apartment Supply Has Yet to Hit a Peak in Several West Coast Markets

A handful of West Coast apartment markets could start to see occupancy stabilize and rent growth accelerate as supply peaks. But for some markets, that supply peak has yet to come. Large West Coast apartment markets past peak supply include Portland, Oakland and San Francisco. Markets that peaked in early 2025 include Sacramento and Tacoma (and the U.S. overall). In these markets, easing supply volumes could help boost occupancy and rent positioning in the near term. But there are many other major West Coast markets where supply isn’t expected to peak until later this year or even into 2026. Supply volumes are scheduled to peak this summer in Seattle, Riverside and San Jose. However, those peaks are subject to change if supply delays impact construction timelines. Three large markets where supply is slated to peak in late 2025 or early 2026 (if timelines hold) include Los Angeles, San Diego and Anaheim.

For more information on the state of apartment markets across the West region, including forecasts, watch the webcast Market Intelligence: Q1 California Pacific Region Update.