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5+ Unit Buildings Market Report Q3 2025

October 10, 2025
Allison Chapleau
5 min read

Q3 San Francisco 5+ Unit Market Update

Demand is up, inventory is down — and the data hasn’t quite caught up to what’s really happening in the market.


Most 5+ unit apartment buildings have been trading with multiple offers and cap rates dipping below 6%. Interest rates have started to soften, and aggressive rent growth is driving a noticeable wave of investor interest.


Expect to see that shift show up in the data by Q4 — momentum is building fast.

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