October 17, 2013
Silicon Valley Rents Remain Up But Pressure Is Building
The average monthly rent for an apartment in a complex with 50 or more units in Santa Clara County remains up 8.1 percent year-over-year with rents in San Jose averaging $2,105 a month, up $26 in the third quarter.
With a backlog of new developments hitting the market in Silicon Valley, however, the occupancy rate in Santa Clara has dropped 1 percentage point year-over-year to 94.4 percent and the occupancy rate in San Jose has dropped to 93.4 percent, down 2.1 points which should put some downward pressure on rents over the next quarter.
∙ Silicon Valley's red-hot rental market shows signs of cooling [Business Times]
First Published: October 17, 2013 11:45 AM