ApartmentList.com puts out a monthly report with data on the rental market here and all over the U.S. Of most interest is the going rate for rentals. This morning I received their update and below are a few of the main points.
San Jose metro area – cost of an apartment rental:
The average rent for a 1 bedroom apartment in San Jose is $2,135, while the average rent for a 2 bedroom apartment is $2,676.
Rents in San Jose have remained flat over the past month, however, they have increased 1.3% year-over-year.
Median rent prices here continue to be far less affordable than comparable cities nationwide – San Jose’s median two-bedroom rent of $2,677 is more than double the national average of $1,191.
Over the past year, rent increases have been occurring not just in the city of San Jose, but across the entire metro – of the largest 10 cities that we have data for in the San Jose metro, 9 of them have seen prices rise.