San Jose Rent Report: April 2024

Welcome to the Apartment List April 2024 Rent Report for San Jose, CA. Currently, the overall median rent in the city stands at $2,763, after rising 1.5% last month. Prices and are now up 0.2% 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 1.5% month-over-month and flat year-over-year

The median rent in San Jose rose by 1.5% over the course of March, and has now increased by a total of 0.2% over the past 12 months. San Jose’s rent growth over the past year has has outpaced both state (-1.0%) and national (-0.8%) averages.

San Jose rent growth in 2024 pacing similar last year

Three months into the year, rents in San Jose have risen 2.3%. This is a similar rate of growth compared to what the city was experiencing at this point last year: from January to March 2023 rents had increased 2.6%.

March rent growth in San Jose ranked #7 among large U.S. cities

San Jose rents went up 1.5% in the past month, compared to the national rate of 0.6%. Among the nation's 100 largest cities, this ranks #7. Similar monthly rent growth took place in Louisville, KY (1.5%) and New York City, NY (1.5%).

San Jose is the #2 most expensive large city in the U.S., with a median rent of $2,763

Citywide, the median rent currently stands at $2,404 for a 1-bedroom apartment and $2,852 for a 2-bedroom. Across all bedroom sizes (ie, the entire rental market), the median rent is $2,763. 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 $1,220 for a 1-bedroom, $1,374 for a 2-bedroom, and $1,388 overall. The median rent in San Jose is 99.0% higher than the national, and is similar to the prices you would find in Irvine, CA ($2,977) and Fremont, CA ($2,669).

San Jose rents are 3.9% lower than the metro-wide median

If we expand our view to the wider San Jose metro area, the median rent is $2,876 meaning that the median price in San Jose proper ($2,763) is 3.9% lower than the price across the metro as a whole. Metro-wide annual rent growth stands at 0.5%, 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 $3,036. San Jose is the metro’s most affordable city, with a median rent of $2,763. The metro's fastest annual rent growth is occurring in Milpitas (1.6%) while the slowest is in San Jose (0.2%).

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