40 Studio Apartments for rent in Cupertino, CA
March 2020 Cupertino Rent Report
Welcome to the March 2020 Cupertino Rent Report. Cupertino rents increased over the past month. In this report, we'll evaluate trends in the Cupertino rental market, including comparisons to cities throughout the metro, state, and nation.
March 2020 Cupertino Rent Report
Welcome to the March 2020 Cupertino Rent Report. Cupertino rents increased over the past month. In this report, we'll evaluate trends in the Cupertino rental market, including comparisons to cities throughout the metro, state, and nation.
Cupertino rents increase sharply over the past month
Cupertino rents have increased 0.6% over the past month, but have remained steady in comparison to the same time last year. Currently, median rents in Cupertino stand at $4,193 for a one-bedroom apartment and $5,256 for a two-bedroom. This is the second straight month that the city has seen rent increases after a decline in December of last year. Cupertino's year-over-year rent growth lags the state average of 1.6%, as well as the national average of 1.7%.
Rents rising across the San Jose Metro
While rents have remained steady in the city of Cupertino throughout the past year, cities across the metro have seen a different trend. Rents have risen in 9 of of the largest 10 cities in the San Jose metro for which we have data. Here's a look at how rents compare across some of the largest cities in the metro.
- Cupertino has seen rents fall by 0.0% over the past year, the biggest drop in the metro. It's also the most expensive city in the San Jose metro with a two-bedroom median of $5,256.
- Milpitas has seen the fastest rent growth in the metro, with a year-over-year increase of 4.1%. The median two-bedroom there costs $3,059, while one-bedrooms go for $2,438.
- Gilroy has the least expensive rents in the San Jose metro, with a two-bedroom median of $2,390; rents rose 1.6% over the past year but remained flat month-over-month.
Many large cities nationwide show more affordable rents compared to Cupertino
Rent growth in Cupertino has been relatively stable over the past year - some other large cities have seen more substantial increases. Compared to most large cities across the country, Cupertino is less affordable for renters.
- Other cities across the state have seen rents slightly increase, with California as a whole logging rent growth of 1.6% over the past year. For example, rents have grown by 1.2% in San Diego, 0.5% in Los Angeles, and 0.1% in San Francisco.
- Cupertino's median two-bedroom rent of $5,256 is above the national average of $1,194. Nationwide, rents have grown by 1.7% over the past year compared to the stagnant growth in Cupertino.
- While rents in Cupertino remained moderately stable this year, similar cities saw increases, including Austin (+3.4%), Dallas (+2.3%), and New York (+2.2%); note that median 2BR rents in these cities go for $1,471, $1,137, and $2,564 respectively.
- Renters will generally find more expensive prices in Cupertino than most large cities. For example, Dallas has a median 2BR rent of $1,137, where Cupertino is more than four-and-a-half times that price.
For more information check out our national report. You can also access our full data for cities and counties across the U.S. at this link.
Methodology - Recent Updates:
Data from private listing sites, including our own, tends to skew toward luxury apartments, which introduces sample bias when estimates are calculated directly from these listings. To address these limitations, we’ve recently made major updates to our methodology, which we believe have greatly improved the accuracy and reliability of our estimates.
Read more about our new methodology below, or see a more detailed post here.
Methodology:
Apartment List is committed to making our rent estimates the best and most accurate available. To do this, we start with reliable median rent statistics from the Census Bureau, then extrapolate them forward to the current month using a growth rate calculated from our listing data. In doing so, we use a same-unit analysis similar to Case-Shiller’s approach, comparing only units that are available across both time periods to provide an accurate picture of rent growth in cities across the country.
Our approach corrects for the sample bias inherent in other private sources, producing results that are much closer to statistics published by the Census Bureau and HUD. Our methodology also allows us to construct a picture of rent growth over an extended period of time, with estimates that are updated each month.
Read more about our methodology here.
About Rent Reports:
Apartment List publishes monthly reports on rental trends for hundreds of cities across the U.S. We intend these reports to be a source of reliable information that help renters and policymakers make sound decisions, and we invest significant time and effort in gathering and analyzing rent data. Our work is covered regularly by journalists across the country.
We are continuously working to improve our methodology and data, with the goal of providing renters with the information that they need to make the best decisions.