San Jose’s apartment rental market has experienced a significant 4.8% increase in the first half of ’23, making it one of the top-performing markets among the top 50 cities, according to a report by Green Street. Despite challenging conditions for real estate in the Bay Area, San Jose stands out as a resilient and promising location for apartments.
Green Street attributes this success to three main factors: lower societal issues compared to neighboring cities like San Francisco and Oakland-East Bay which make it more desirable; limited supply growth coupled with increasing demand leading to higher rent prices; and an uptick in leasing activity due to big tech companies’ return-to-office plans.
This positive trend is expected to continue over the near term according to Newport Beach-based research firm Green Street.
