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2022 Q3 Sacramento Multifamily Market Report

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Record Sales Volume Despite Rising Interest Rates and Faltering Fundamentals

Sacramento’s apartment market is beginning to cool as out-migration back to coastal markets is weighing on occupancy and rents across the region. While market occupancy declined 200 basis points over the last year, it is still above the region’s long-term average, suggesting a return to normalized market fundamentals in the wake of the pandemic-fueled expansion. Annual rent growth decelerated to almost one-third the rate from a year earlier. Demand has turned considerably negative this year as the market grapples with a historic wave of new supply coming online. If out-migration to the Bay Area accelerates, new inventory could take some time to be absorbed. Occupancy is on track to fall closer to 95 percent in the next year while annual rent growth should stabilize to around five percent. Despite these faltering market fundamentals, investors are not deterred. Sales volume is continuing at a record pace and pricing is still rising significantly.


2022 Q3 Sacramento Multifamily Market Report

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Bob Shanahan

Research Manager


Bob entered commercial real estate at the start of 2015 at Colliers in Seattle/Bellevue and has more than seven years of commercial real estate research experience. A writer by nature, Bob is always trying to tell the story behind the numbers and go above and beyond to add value to his brokerage partners. Forever teachable and eternally curious, Bob strives to always be learning more while staying on the leading edge of market trends and remaining abreast of all pertinent real estate transactions and developments. Passionate about real estate and urban planning, Bob is dedicated to taking Colliers to the next level by providing market-leading thought leadership and trends analysis for his internal and external clients.. Bob is a natural-born storyteller, always digging into the statistics with unmatched nuance to craft a forward-looking narrative and outlook across the many sectors of commercial real estate he tracks.  

With extensive experience in office, industrial, multifamily, and retail research, and a developing competency in capital markets, life science, and healthcare/medical office, Bob assists brokers in the leasing and selling of property, providing best in class research support. He regulary provides market presentations for internal brokerage teams and external organizations. Bob focused primarily on the office and industrial markets in the Seattle/Puget Sound region from 2015-2017. From fall 2017 to early 2018, Bob was the office market research analyst at JLL in Sacramento with an emphasis on Downtown landlord-rep related research. 

Since May 2018, Bob has been back at Colliers in his hometown of Sacramento. Since mid-2018, Bob bas accelerated his career in the support of 40 brokers across the Capital City region. In late  2020, Bob was tasked with overseeing the Reno market while managing a new Research Analyst, and has taken on an increasing leadership role in the Northwest region, including leading the regional multifamily market report comprised of 10 markets from Northern California and Northern Nevada to Oregon and Washington. Bob has invested in his leadership development, recently completing the two year Management Development Program at Colliers in partnership with Harvard Business School and completing the year long Leadership Sacramento Class of 2021 through the Sacramento Metro Chamber Foundation.  

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