Santa Clara, CA Rental Market Trends

Santa Clara Rent Report: April 2024

Welcome to the Apartment List April 2024 Rent Report for Santa Clara, CA. Currently, the overall median rent in the city stands at $2,967, after rising 1.9% last month. Prices and are now up 0.3% year-over-year. Read on to learn more about what’s been happening in the Santa Clara rental market and how it compares to trends throughout the broader San Jose metro area and the nation as a whole.

Santa Clara rents are up 1.9% month-over-month and flat year-over-year

The median rent in Santa Clara rose by 1.9% over the course of March, and has now increased by a total of 0.3% over the past 12 months. Santa Clara’s rent growth over the past year has has outpaced both state (-1.0%) and national (-0.8%) averages.

Santa Clara rent growth in 2024 pacing above last year

Three months into the year, rents in Santa Clara have risen 2.8%. This is a faster rate of growth compared to what the city was experiencing at this point last year: from January to March 2023 rents had increased 1.3%.

Santa Clara rents are 3.2% higher 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 Santa Clara ($2,967) is 3.2% greater 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%).

City
Median 1BR Rent
Median 2BR Rent
M/M Rent Growth
Y/Y Rent Growth
Milpitas
$2,649
$2,936
1.0%
1.6%
Mountain View
$2,671
$3,247
1.4%
0.4%
San Jose
$2,404
$2,852
1.5%
0.2%
Santa Clara
$2,698
$3,092
1.9%
0.3%
Sunnyvale
$2,747
$3,223
1.5%
0.8%
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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