San Jose rents up for the sixth straight month; Silicon Valley rates even higher

After declining in January, San Jose rents have now ticked back up for six straight months.

July rents in the city were up 0.5 percent from June and up 2.0 percent from a year earlier. Elsewhere in the San Jose metropolitan area, rents were up more steeply on a year-over-year basis: by 4.9 percent in Mountain View and 4.5 percent in Santa Clara.

All this is according to a report from the ApartmentList.com website, which calls San Jose the second most expensive major city in the Bay Area after San Francisco. The median monthly rent for July on a one-bedroom apartment in San Jose was $2,060, compared with $2,430 in San Francisco. A two-bedroom fetched $2,580 in San Jose and $3,060 in San Francisco.

Looking beyond San Jose to other cities in the metro, ApartmentList.com reported even higher rents. That’s probably because San Jose – a city of more than a million people — still hangs onto a variety of rentals across income levels, including in working class and low-income neighborhoods. Not that rents aren’t challenging tenants in those neighborhoods; they are, decidedly so. Yet by contrast, much of Silicon Valley’s rental stock has become relatively homogeneous, often catering to higher tech-based incomes.

A median one-bedroom went for $2,120 and a two-bedroom for $2,660 in Mountain View. Rents stood at $2,150 for a one-bedroom and $2,690 in Santa Clara; and $2,470 and $3,100 in Palo Alto. You’ll find additional numbers for Milpitas and Sunnyvale in the chart below — as well as for Los Gatos and Campbell where rents were down a hair from a year earlier.

Here’s the report from ApartmentList.com.

It includes some other tidbits: “Of the largest 10 cities that we have data for in California, all of them have seen prices rise,” the report says. Year-over-year rents rose 8.9 percent in Sacramento and 6.1 percent in Fresno. In Oakland, rents were up 3.8 percent, with a one-bedroom going for $1,740 and a two-bedroom for $2,180.

California as a whole registered year-over-year growth of 4.2 percent.

Here’s the San Jose metro chart, courtesy of ApartmentList.com:

Photo: An apartment complex rises in downtown San Jose. (Karl Mondon/Bay Area News Group)

 

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