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Overview:

The rental momentum in San Jose didn’t stop with the close of 2024—it carried straight into the new year. According to Yardi Matrix’s National Multifamily Report from December 2024, San Jose posted a 2.1% year-over-year rent increase in December 2024, signaling sustained rental demand in the region. 

This upward trend has continued into Q1 2025, with March 2025 year-over-year rent growth up 2.5% according to Yardi Matrix's National Multifamily Report from March 2025, and Q1 2025 data showing rent growth rising another 2.0% quarter-over-quarter (CoStar)—a strong start to the year.  San Jose also holds the top spot for median rent in the nation at $2,972, according to Apartment List's March 2025 rent data.

Meanwhile, homeownership is becoming even more out of reach for many. In December 2024, the San Jose metro hit a record-high typical home value of $1.59 million, an increase of nearly 8% (or more than $100,000) year-over-year—the fastest growth among the nation’s 50 largest metro areas.

With home prices surging and rental supply falling short, the pressure on San Jose’s rental market continues to intensify. This reinforces the growing need for new multifamily housing to meet demand and ease the region’s housing crunch.

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Median Rent
San Jose stands as the metro with the highest median rent at $2,972
Silicon Valley Home Prices
In December 2024, the San Jose metro reached a record-high typical home value of $1.59 million, marking an increase of nearly 8%—over $100,000—year-over-year, the fastest growth among the nation’s 50 largest metro areas
Rent Growth
  • December 2024 YoY: +2.1%
  • March 2025 YoY:+2.5%
  • Q1 2025 QoQ: +2.0%
Rental Competition
A recent study reveals intense competition for rental units, with an average of 12 people vying for each rental in Silicon Valley
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  • According to CoStar, San Jose saw a 2.0% quarter-over-quarter rent growth in Q1 2025

  • Read more here

  • Yardi Matrix’s March 2025 report shows that San Jose experienced a 2.5% Year-over-Year rise in rent

  • Read the full report here

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  • According to Apartment List's March 2025rent statistics, San Jose ranked as the metro with the highest median rent at $2,972

  • Read the details here

Year-to-Date Rent Growth: 
Up 7.9% in 2024

Three-Month Rent Growth:
Advertised asking rents increased by 0.8% through May, outpacing the 0.3% national average and marking the fourth consecutive month of positive movement
 
Silicon Valley Home Prices: 
Average home prices in Silicon Valley have exceeded $2 million, contributing to a competitive rental market as potential homeowners turn to renting

Rental Competition:
A recent study reveals intense competition for rental units, with an average of 12 people vying for each rental in Silicon Valley

  • The San Jose metropolitan area has for years had the highest home values in the United States

  • 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

  • Read the full article here

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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%

  • Read the full report here

  • Where’s the toughest place to find an apartment in California? Spoiler Alert, it's Silicon Valley

  • Read the full article here

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