Construction Boom Releases Apt Pressure

SAN FRANCISCO—The San Francisco apartment market is in the midst of the largest building boom in decades, spurred by frenzied growth from technology firms. Dozens of cranes dot the San Francisco skyline as high-rise residential and office buildings race to completion. That is according to a recent report from Marcus & Millichap.

Currently, seven residential towers eclipsing 15 stories are under construction in San Francisco County, the firm says, and the planning pipeline is robust, especially at the intersection of Market and Van Ness. “While new units should alleviate some of the pent-up demand for housing in the area, increased competition and renter fatigue are beginning to pull rent growth back from the blistering pace set over the past four years.”