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Overview:
In December 2024, San Jose saw a 2.1% year-over-year rent growth, according to Yardi Matrix's National Multifamily Report, reflecting the ongoing rental demand in the region. ApartmentList's December 2024 statistics further highlighted San Jose as the metro with the highest median rent at $2,887. This surge in rental prices comes amid a severe lack of apartment supply, making it one of the toughest places in California to secure an apartment. Meanwhile, homeownership is becoming even more elusive, as the San Jose metro set a record-high typical home value of $1.59 million in December 2024—an increase of nearly 8%, or more than $100,000, from the previous year, the fastest growth among the nation’s 50 largest metro areas. As homeownership remains out of reach for many, rising home prices will only drive more individuals into the competitive rental market, underscoring the urgent need for additional multifamily housing to alleviate the supply shortage.
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According to Apartment List's December 2024 rent statistics, San Jose ranked as the metro with the highest median rent at $2,887
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Average home prices in Silicon Valley have exceeded $2 million, contributing to a competitive rental market as potential homeowners turn to renting
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The San Jose metropolitan area has for years had the highest home values in the United States
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The area set record high at the end of 2024, with a typical home value of $1.59 million in December 2024
- Values in the San Jose metro area rose by nearly 8%, more than $100,000, from December 2023 — the fastest rate among the 50 largest areas
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According to Yardi Matrix's National Multifamily Report from December 2024, San Jose reported a Year-over-Year rent growth of 2.1%
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Where’s the toughest place to find an apartment in California? Spoiler Alert, it's Silicon Valley
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