BXP · 10-Q · 2026Q3 · Full report

Residential Rental Rate Growth

BXP, Inc. · 2026-11-06 · Importance 24 · Surprise 40

Residential same-property net operating income increased approximately $0.5 million year over year in the third quarter of 2026. In San Francisco, average monthly rental rates rose 12.1% to $3,366, and average rental rate per occupied square foot increased 11.3% to $4.23. Physical occupancy increased 2.9% to 93.5%, while economic occupancy grew 5.8% to 94.2%.

Key facts

• In San Francisco residential same property, average monthly rental rate was $3,366 for the three months ended September 30, 2026, up 12.1% from $3,004 in 2025.
• San Francisco residential same-property average rental rate per occupied square foot was $4.23 for the three months ended September 30, 2026, up 11.3% from $3.80 in 2025.
• For BXP’s San Francisco residential same-property portfolio, the nine-month 2026 average monthly rental rate was $3,241, up 6.7% from $3,038 in 2025.
• BXP’s residential Same Property Portfolio NOI increased approximately $2.2 million for the nine months ended September 30, 2026 compared with 2025.
• Residential same-property NOI increased approximately $0.5 million for the three months ended September 30, 2026 compared with 2025.