Cap rates, rent trends, and underwriting benchmarks for San Francisco apartment investors.
Post-pandemic recovery continues with tech employment stabilizing. Vacancy remains elevated compared to pre-2020 levels. Rent-controlled properties (built pre-1979) dominate the housing stock. The Mission, SOMA, and Hayes Valley see the strongest demand from young professionals.
Rent control is the dominant underwriting consideration. Free-market assets are rare and highly priced. 1.15-1.20x DSCR on stabilized deals. Costa-Hawkins reform attempts create policy uncertainty.
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