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Overview:
San Jose has emerged as a leading market for rent growth, displaying remarkable improvement in recent months. As of July 2024, San Jose's rent growth surged from 2.8% to 3.4% month over month, marking a notable 60 basis point increase. This leap positions San Jose fourth nationally in rent growth. Just a year prior, the market faced rent declines of -1%, reflecting subdued demand. However, in the past 12 months, demand has surged, and with new construction slowing, rents are climbing above the pre-pandemic five-year average of 3%.
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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Radix, a multifamily market data source, is reporting that San Jose is leading all markets in rent growth (rents up 7.9% year to date) so far this year
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Read the full report here
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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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Read the full article here
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"One of the more surprising top 10 markets that stood out during July was San Jose, California. The Silicon Valley city saw one of the most significant jumps in rent growth during the month, going from 2.8% to 3.4%. That’s a 60 basis point jump, putting it in fourth place nationally. Just a year ago, San Jose was experiencing rent declines of negative 1%, reflecting lackluster demand. Fast forward 12 months, and demand has accelerated while construction on new units has tapered off, creating market conditions that support rent increases averaging just above San Jose’s pre-pandemic, five-year average of 3%"
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Read the full report here
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Silicon Valley home prices top $2 million as California has 8 of 11 costliest US metros
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Rising home prices will continue to force people to rent in Silicon Valley
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Read the full article here
