291 Apartments for rent in San Jose, CA
📍July 2020 San Jose Rent Report
Welcome to the July 2020 San Jose Rent Report. San Jose rents declined over the past month. In this report, we'll evaluate trends in the San Jose rental market, including comparisons to cities throughout the metro, state, and nation.
July 2020 San Jose Rent Report
Welcome to the July 2020 San Jose Rent Report. San Jose rents declined over the past month. In this report, we'll evaluate trends in the San Jose rental market, including comparisons to cities throughout the metro, state, and nation.
San Jose rents decline sharply over the past month
San Jose rents have declined 0.9% over the past month, and have decreased moderately by 1.2% in comparison to the same time last year. Currently, median rents in San Jose stand at $2,105 for a one-bedroom apartment and $2,638 for a two-bedroom. This is the third straight month that the city has seen rent decreases after an increase in March. San Jose's year-over-year rent growth lags the state average of 0.1%, as well as the national average of 0.2%.
Rents falling across the San Jose Metro
Rent prices have been decreasing not just in San Jose over the past year, but across the entire metro. Of the largest 10 cities in the San Jose metro for which we have data, 6 of them have seen prices drop. Here's a look at how rents compare across some of the largest cities in the metro.
- Gilroy has the least expensive rents in the San Jose metro, with a two-bedroom median of $2,395; additionally, the city has seen the fastest rent growth in the metro over the past month (0.1%).
- Cupertino has seen rents fall by 1.3% over the past month, the biggest drop in the metro. It's also the most expensive city in the San Jose metro with a two-bedroom median of $5,064.
Similar cities nationwide show more affordable rents compared to San Jose
As rents have fallen moderately in San Jose, a few similar cities nationwide have also seen prices fall, in some cases substantially. Compared to most other large cities across the country, San Jose is less affordable for renters.
- Although rents across cities in California have been slightly on the rise, the state's growth as a whole has held steady over the past year. For example, rents have grown by 0.4% in San Diego.
- San Jose's median two-bedroom rent of $2,638 is above the national average of $1,192. Nationwide, rents have held steady over the past year.
- While rents in San Jose fell moderately over the past year, many cities nationwide also saw decreases, including New York (-1.6%), Boston (-1.6%), and Denver (-1.2%).
- Renters will generally find more expensive prices in San Jose than most similar cities. For example, Dallas has a median 2BR rent of $1,133, where San Jose is more than twice 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.