Sacramento doesn’t show up on many lists of hot multifamily markets, and that’s arguably the point. While national apartment occupancy sat around 94.3% to 94.6% for most of early 2026, Sacramento’s held steady in the 95% to 96% range, according to Colliers’ first-quarter market report, a gap that’s persisted even as the metro absorbed one of its largest waves of new apartment supply in years. That’s the kind of quiet outperformance that tends to get overlooked in a market conversation dominated by Sun Belt growth stories and gateway-city rebounds.
The story behind Sacramento’s occupancy strength starts with construction discipline rather than a demand surge. The metro delivered over 8,000 new units between 2023 and 2025, a historic wave that pushed vacancy up and forced landlords into concessions across roughly half of all leases in some submarkets. But that pipeline has now shut off sharply. Colliers estimates just 952 units will deliver in Sacramento in 2026, a 72% decline from the 3,363 units delivered in 2025 alone. Few markets anywhere in the country are seeing a supply pullback that steep in a single year.
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