San Jose, CA Rental Market Trends

San Jose Rent Report: March 2024

Welcome to the Apartment List March 2024 Rent Report for San Jose, CA. Currently, the overall median rent in the city stands at $2,711, after rising 0.6% last month. Prices remain down 0.3% year-over-year. Read on to learn more about what’s been happening in the San Jose rental market and how it compares to trends throughout the broader San Jose metro area and the nation as a whole.

San Jose rents are up 0.6% month-over-month and flat year-over-year

The median rent in San Jose rose by 0.6% over the course of February, and has now decreased by a total of 0.3% over the past 12 months. San Jose’s rent growth over the past year has has outpaced the state average (-1.3%) and is similar to the national average (-1.0%).

San Jose rent growth in 2024 pacing similar last year

Two months into the year, rents in San Jose have risen 0.6%. This is a similar rate of growth compared to what the city was experiencing at this point last year: from January to February 2023 rents had increased 0.8%.

February rent growth in San Jose ranked #18 among large U.S. cities

San Jose rents went up 0.6% in the past month, compared to the national rate of 0.2%. Among the nation's 100 largest cities, this ranks #18. Similar monthly rent growth took place in Tacoma, WA (0.6%) and Riverside, CA (0.6%).

San Jose is the #2 most expensive large city in the U.S., with a median rent of $2,711

Citywide, the median rent currently stands at $2,359 for a 1-bedroom apartment and $2,799 for a 2-bedroom. Across all bedroom sizes (ie, the entire rental market), the median rent is $2,711. That ranks #2 in the nation, among the country's 100 largest cities.

For comparison, the median rent across the nation as a whole is $1,210 for a 1-bedroom, $1,363 for a 2-bedroom, and $1,377 overall. The median rent in San Jose is 96.9% higher than the national, and is similar to the prices you would find in Irvine, CA ($2,969) and San Francisco, CA ($2,636).

San Jose rents are 4.1% lower than the metro-wide median

If we expand our view to the wider San Jose metro area, the median rent is $2,826 meaning that the median price in San Jose proper ($2,711) is 4.1% lower than the price across the metro as a whole. Metro-wide annual rent growth stands at -0.1%, above the rate of rent growth within just the city.

The table below shows the latest rent stats for 5 cities in the San Jose metro area that are included in our database. Among them, Sunnyvale is currently the most expensive, with a median rent of $2,990. San Jose is the metro’s most affordable city, with a median rent of $2,711. The metro's fastest annual rent growth is occurring in Milpitas (0.5%) while the slowest is in Mountain View (-0.5%).

City
Median 1BR Rent
Median 2BR Rent
M/M Rent Growth
Y/Y Rent Growth
Milpitas
$2,619
$2,903
0.7%
0.5%
Mountain View
$2,627
$3,194
0.7%
-0.5%
San Jose
$2,359
$2,799
0.6%
-0.3%
Santa Clara
$2,654
$3,042
1.1%
-0.2%
Sunnyvale
$2,705
$3,174
1.6%
0.3%
See More

You can also use the map below to explore the latest rent trends in the San Jose metropolitan area.

Methodology

Apartment List is committed to the accuracy and transparency of our rent estimates. We begin 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, capturing apartment transactions over time 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. For more details, please see the Apartment List Rent Estimate Methodology.

Data Access

Apartment List publishes monthly rent reports and underlying data for hundreds of cities across the nation, as well as data aggregated for counties, metros, and states. These data are intended to be a source of reliable information that help renters and policymakers make sound decisions. Insights from our data are covered regularly by journalists across the country. To access the data yourself, please visit our Data Downloads Page.

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