Fewer Deals, Same Prices: Inside SF's Q1 2026 Multifamily Market

If you've been watching the San Francisco apartment market this spring and wondering what's actually going on, you're not alone. Sales volume fell off significantly between Q4 2025 and Q1 2026 — down roughly 65% — yet per-unit values barely moved, cap rates held firm, and the rental market is quietly running as hot as anywhere in the country. It's a strange picture, and it deserves more than a one-line summary. Below is our full Q1 2026 breakdown: what traded, what it traded for, and the macro forces (a paused Fed, a rattled 10-year, and SF's "weirdest tech boom") shaping where the market goes from here.

Caravelli Markt Update Q1 2026.pdf

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