Thousands of new apartments will hit Bay Area area and Silicon Valley markets this year, overcoming pandemic delays and rising supply costs.
In all, more than 13,00 units in the San Francisco and San Jose metros are expected to be completed by the end of 2021, according to the San Francisco Business Times.
The San Francisco area will see 7,800 new units delivered by Dec. 31, the report noted. That would be a 36 percent rise compared to 2020, when the pandemic slammed the economy, and developers dealt with stop-and-start reopenings. The cities also include Oakland, Burlingame, Fremont and Redwood City.
San Francisco is expected to see more than 1,500 apartments completed this year, and there will be 3,000 in Oakland.
In the San Jose metro area — which also includes Santa Clara, Sunnyvale, Mountain View and Milpitas — more than 5,600 units will come to the market, a 79 percent increase compared to last year.
A state-mandated assessment in early 2020 showed the Bay Area needed more than 440,000 new apartments to be built in the next decade.
[SFBT] — Victoria Pruitt