Silicon Valley apartment rental market

Silicon Valley’s Apartment Rental Market

keyWhether you’re a long-term renter, temporary renter looking for a furnished rental, or a landlord, you’re probably wondering how the Silicon Valley’s apartment rental market is today and where it’s heading. Most real estate agents in this area do not deal with rentals, so rental housing is not typically something we track super closely. That being said, the same things that affect the residential resale market frequently effect the apartment rental market as well. So, without the help from my usual sources, such as the MLS (Multiple Listing Services), let’s look at what people are saying about the current trends.

Silicon Valley’s cooling apartment rental market

There are a few good sources for rental home information. One of them is RentCafe, which provides info  on many cities and towns in Santa Clara County. The RentCafe page on Mountain View, for instance, provided the average apartment rental for all apartments, for studios, 1 bedrooms, 2 bedrooms, and 3 bedrooms. The overall averages seem to be somewhere between the 1 and 2 bedroom price points. It also shared today’s softened prices relative to last year’s. (I find this curious since buying a home is now more expensive than a year ago.)

Rent Cafe: Mountain View rental apartment prices

RentCafe has similar info for a few cities nearby. You can find Santa Clara here, but change the last part of the URL to get a different city:

https://www.rentcafe.com/average-rent-market-trends/us/ca/santa-clara-county/santa-clara/

Sunnyvale

San Jose

Campbell

 

Another excellent source of information is Apartment List.

Apartment List does not analyze every city and town, nor do they study the difference between neighborhoods, such as comparing South San Jose with Willow Glen, but where they do give insight helps to show the major trends happening around the bay area. Check out Apartment List for more detailed analysis, and the most up-to-date information on the market. Also check out their Rentonomics page with more articles on renting.

https://www.apartmentlist.com/ca/san-jose#guide

https://www.apartmentlist.com/ca/sunnyvale#guide

https://www.apartmentlist.com/ca/santa-clara#guide

https://www.apartmentlist.com/ca/campbell#guide

https://www.apartmentlist.com/ca/mountain-view#guide

https://www.apartmentlist.com/rentonomics/national-rent-data

https://www.apartmentlist.com/rentonomics/

Is there a solution to the lack of low-cost apartment rentals?

Analysts all believe there will be some market turnaround in the not too far future, but there are a few answers to where it may come from. CNBC published an article on the housing shortage dealing with high tech companies. Large industry leaders such as Google, Facebook, and Twitter continue to hire, bringing people into the area more quickly than developers are building, and forcing up the prices in both housing and rental markets. Employees have asked these companies to help, and some are responding. Google and Facebook have both come up with plans to construct affordable housing.

https://www.cnbc.com/2017/06/14/google-spending-30-million-on-housing-for-silicon-valley-employees.html

For years, California law has stated that a certain amount of affordable housing must be available in each community. Unfortunately, many communities are ignoring both the law and the need for such developments. If every community were to develop what the law required, the market would be much more balanced. Yet again, it’s the investors that are controlling the development, and it will not likely happen soon.

 

Mary Pope-Handy
Realtor,
CIPS, CRS, ABR, SRES
Sereno Group
214 Los Gatos-Saratoga Rd.
Los Gatos CA 95030
[Silicon Valley, California, USA]
1-408-204-7673
mary (at) popehandy.com
CA BRE # 01153805

CIPS - Certified International Property Specialist
CRS - Certified Residential Specialist
ABR - Accredited Buyer Representative
SRES - Seniors Real Estate Specialist

Helping nice folks to buy and sell homes in Silicon Valley since 1993. Mary Pope-Handy, Realtor, Silicon Valley
Mary’s Other Sites


popehandy.com
Silicon Valley Real Estate: San Mateo, Santa Clara, Santa Cruz Counties, and especially
Los Gatos real estate

ValleyOfHeartsDelight.com
Santa Clara County Real Estate


SanJoseRealEstate
LosGatosHomes.com

Real estate in Santa Clara County, focused on west side communities of San Jose, Los Gatos, Saratoga, Campbell & nearby

Live in Los Gatos blog
Los Gatos neighborhoods, real estate, events, history, parks, businesses & more

Connect with Mary
Follow Mary on FacebookFollow Mary on TwitterFollow Mary on TwitterFollow Mary on YouTube

Please find many more icons for connecting socially at the very bottom of this page.

Browse Homes for Sale

Search All Listed Properties
Browse listings of homes for sale by map here on Move2SiliconValley.com by using this link: https://move2siliconvalley.com/homes-and-housing/homes-for-sale/.

Trends & Statistics

RE REPORT for Santa Clara, San Mateo, and Santa Cruz Counties:

Click the link below to get real estate data for Santa Clara County, San Mateo County, and Santa Cruz County (together making up about 98% of "Silicon Valley") care of the monthly RE REPORT.

Real Estate Market Statistics and Trends for Santa Clara County


Comps near any address in Santa Clara County
Listings and Sales Near Any Address in Santa Clara County

ALTOS RESEARCH weekly reports by zip code in Santa Clara County:

Use this link to sign up:
Altos Reports sign up link. The starting point is the city of San Jose, but you can request any zip code in Santa Clara County.