Sacramento multifamily vacancies have compressed to an all-time low in 2021, though the recession continues thanks to the coronavirus pandemic. As in the wide U.S., metro unemployment remains high, but with many residents having returned to work since job losses bottomed last April, plus demand from homebound workers and Bay Area residents, interest in areas with affordable product and pricier markets with large units remains elevated.
- While still modest, the construction pipeline has risen to a post-Great Recession peak in 2021, after the metro gained more than 1,000 units for a third consecutive year in 2020. When construction has occurred, projects have mostly been concentrated in Downtown Sacramento, resulting in significant supply-driven pressure for that area, and in affluent suburban cities like Elk Grove, Folsom, Roseville, and Rocklin.
Looking ahead, demand in 2021 is expected to remain healthy. While an end to the pandemic appears to be in sight, it is likely people will continue working from home for some time, and for many, the move could be permanent, whether it’s on a full- or part-time basis.
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