Silicon Valley Still One Of Country’s Most Expensive Markets But Rent’s Are Dropping
Source: bizjournals.com | Re-Post MNM Partners 10/11/16
Asking rents for one- and two-bedroom apartments in the San Jose metro area have decreased over the last 12 months, according to a new report from Zumper, an apartment rental website.
In September, rent for a one-bedroom apartment in the San Jose metro, which includes Santa Clara and San Benito counties, averaged $2,190. Despite that being a 2.3 percent increase from August, since Sept. 2015 the rent has declined by 3.5 percent. The average rent for a two-bedroom apartment was $2,700, a 2.9 percent month-over-month decline and 3.2 percent year-over-year decrease.
Despite the decreases, San Jose is the sixth-most expensive rental market in the country, according to the report. This may be cold comfort for Silicon Valley renters, but tenants pay even more in other parts of the Bay Area.