Market Summary.
Sacramento multifamily vacancies fell to an all-time low of 3.6% in 2021 as demand from neighboring markets remains high. As of the end of 4Q21, 40% of potential renters in the Sacramento area were looking from outside the metro, continuing long after the initial wave brought by the pandemic.
Key Takeaways.
- Over the past decade, the average apartment rent in Sacramento has increased 79.3%, with 8.9% coming over the past 12 months.
- Net migration from the Bay Area has been a major factor as individuals look to capitalize on their employer’s more lenient work-from-home policies and relocate to the region.
- While rent growth has largely been concentrated in the suburbs, development has been focused around the urban core, with 15 properties and more than 4,300 units underway within 4.5 miles of Downtown Sacramento.
The numbers.
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