{"id":121,"date":"2020-12-04T10:30:18","date_gmt":"2020-12-04T10:30:18","guid":{"rendered":"https:\/\/www.yardimatrix.com\/blog\/?p=121"},"modified":"2023-03-10T08:15:20","modified_gmt":"2023-03-10T08:15:20","slug":"san-jose-housing-market-trends-fall-2020","status":"publish","type":"post","link":"https:\/\/www.yardimatrix.com\/blog\/san-jose-housing-market-trends-fall-2020\/","title":{"rendered":"San Jose Housing Market Trends &#8211; Fall 2020"},"content":{"rendered":"<h2>Resetting the Rental Market<\/h2>\n<p>While fueled by one of the strongest economies, the recovery of San Jose\u2019s multifamily industry has stalled. The California city posted the steepest rent drop among major U.S. metros, down 1.1% to $2,737 on a trailing three-month basis through September, while the U.S. average rose for the second-consecutive month to $1,463. The occupancy rate in stabilized properties reflected lackluster demand, down 160 basis points to 94.2% year-over-year as of August.<\/p>\n<p>The unemployment rate dropped to 9.5% in July from 12.0% in April, with preliminary data for August pointing to 7.6%. Unemployment claims filed across the state surpassed 8.8 million between mid-March and early October. Meanwhile, the employment market marked its fourth-consecutive month of contractions, declining 6.3% year-over-year through July. Its main economic driver\u2014professional and business services\u2014shrunk by only 3.2%. Despite elevated uncertainty about employees\u2019 return to the office, projects remain underway or in the planning stages, including the Adobe North Tower and Google\u2019s Downtown West development.<\/p>\n<p>Developers had brought 1,515 units online by September and had another 11,333 underway. Meanwhile, transaction activity dwindled to a total of $554 million, for a price per unit that rose 11.9% to $535,977. Accounting for current circumstances, Yardi Matrix expects rents to depreciate 6.9% in 2020.<\/p>\n<p>Read the full <strong><a href=\"https:\/\/www.yardimatrix.com\/Publications\/Download\/File\/1140-MatrixMultifamilySanJoseReport-Fall2020?utm_source=Matrix-Blog&amp;utm_medium=Social\">Matrix Multifamily San Jose Report-Fall 2020<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Resetting the Rental Market While fueled by one of the strongest economies, the recovery of San Jose\u2019s multifamily industry has stalled. The California city posted the steepest rent drop among major U.S. metros, down 1.1% to $2,737 on a trailing three-month basis through September, while the U.S. average rose for the second-consecutive month to $1,463. [&hellip;]<\/p>\n","protected":false},"author":650,"featured_media":178,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[12,5,4],"tags":[16,77],"class_list":["post-121","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-metro-reports","category-multifamily-market","category-real-estate-trends","tag-multifamily-outlook","tag-san-jose"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>San Jose Housing Market Trends - Fall 2020 - Yardi Matrix Blog<\/title>\n<meta name=\"description\" content=\"San Jose posted the steepest rent drop among major U.S. metros, down 1.1% to $2,737 on a trailing three-month basis through September.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.yardimatrix.com\/blog\/san-jose-housing-market-trends-fall-2020\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"San Jose Housing Market Trends - Fall 2020\" \/>\n<meta property=\"og:description\" content=\"San Jose posted the steepest rent drop among major U.S. metros, down 1.1% to $2,737 on a trailing three-month basis through September.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.yardimatrix.com\/blog\/san-jose-housing-market-trends-fall-2020\/\" \/>\n<meta property=\"og:site_name\" content=\"Yardi Matrix Blog\" \/>\n<meta property=\"article:published_time\" content=\"2020-12-04T10:30:18+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-03-10T08:15:20+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.yardimatrix.com\/blog\/wp-content\/uploads\/sites\/39\/2020\/12\/San-Jose-iStock-1275173936.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"628\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"lilianam\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Anca Gagiuc\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"San Jose Housing Market Trends - Fall 2020 - Yardi Matrix Blog","description":"San Jose posted the steepest rent drop among major U.S. metros, down 1.1% to $2,737 on a trailing three-month basis through September.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.yardimatrix.com\/blog\/san-jose-housing-market-trends-fall-2020\/","og_locale":"en_US","og_type":"article","og_title":"San Jose Housing Market Trends - Fall 2020","og_description":"San Jose posted the steepest rent drop among major U.S. metros, down 1.1% to $2,737 on a trailing three-month basis through September.","og_url":"https:\/\/www.yardimatrix.com\/blog\/san-jose-housing-market-trends-fall-2020\/","og_site_name":"Yardi Matrix Blog","article_published_time":"2020-12-04T10:30:18+00:00","article_modified_time":"2023-03-10T08:15:20+00:00","og_image":[{"width":1200,"height":628,"url":"https:\/\/www.yardimatrix.com\/blog\/wp-content\/uploads\/sites\/39\/2020\/12\/San-Jose-iStock-1275173936.jpg","type":"image\/jpeg"}],"author":"lilianam","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Anca Gagiuc","Est. reading time":"1 minute"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.yardimatrix.com\/blog\/san-jose-housing-market-trends-fall-2020\/#article","isPartOf":{"@id":"https:\/\/www.yardimatrix.com\/blog\/san-jose-housing-market-trends-fall-2020\/"},"author":{"name":"lilianam","@id":"https:\/\/www.yardimatrix.com\/blog\/#\/schema\/person\/877efe30f5be34ed3f8b5f334c96a8e0"},"headline":"San Jose Housing Market Trends &#8211; 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