San Francisco Real Estate Recovery Gains Momentum After Early Predictions

Written by:

Rudi Davis

Date:

12 Sep 2025

Share

Share via Facebook

Share via Linkedin

Share via X

Copy to clipboard

While many investors remained skeptical of San Francisco’s recovery prospects throughout 2024, one multifamily investment firm was already positioning itself to capitalize on the market’s rebound, a contrarian bet that appears to be paying off.

“I know everyone is talking about the Bay Area recovery right now, but I think what is a little different is we were talking about it back when I was even first having conversations with this group in December,” says Natalina Rettew, Head of Asset Management at Trion Properties, which manages approximately 6,000 units nationwide.

Early Signs of Recovery

According to Rettew, several fundamental indicators began pointing toward recovery even when market sentiment remained negative. “There were a lot of fundamentals starting, just barely starting back then, to move in the right direction between the AI boom and some changes on the leadership of the city, just some positive indications,” she explains.

The transformation has been dramatic: “I can tell you from visiting up there, it feels worlds better than even this time last year,” Rettew observes.

Strategic Market Entry

While Trion already maintains three assets in the East Bay, Rettew says they’re now looking to expand into San Francisco proper – but with a carefully considered approach that acknowledges the market’s unique challenges.

“When you try to get right in the city, I think you do need an insider,” Rettew notes. “We’ve certainly had tons of experience in East Bay, San Jose and kind of some of the suburbs, but when you try to get right in the city, I think you do need an insider.”

The Solution: Local Partnerships

Rather than trying to navigate San Francisco’s notorious regulatory environment alone, Trion is pursuing a partnership strategy. “It’s about finding the right partners who have already been navigating that,” Rettew explains. “We’re working with some local experts who are very adept at the unique regulatory environment specifically there.”

This approach reflects a broader philosophy about market entry: combining macro-level insight about market timing with micro-level expertise in execution.

Looking ahead, Rettew remains confident in the firm’s early conviction about San Francisco’s recovery potential. “San Francisco is not a city that can stay down for long,” she maintains, suggesting the window for other investors to position themselves advantageously may be closing.