{"id":1429,"date":"2021-07-26T10:35:26","date_gmt":"2021-07-26T10:35:26","guid":{"rendered":"https:\/\/www.yardimatrix.com\/blog\/?p=1429"},"modified":"2024-02-06T11:13:38","modified_gmt":"2024-02-06T11:13:38","slug":"san-jose-multifamily-market-report-summer-2021","status":"publish","type":"post","link":"https:\/\/www.yardimatrix.com\/blog\/san-jose-multifamily-market-report-summer-2021\/","title":{"rendered":"San Jose Multifamily Market Report \u2013 Summer 2021"},"content":{"rendered":"\n<h3 class=\"wp-block-heading\"><strong>All Eyes on Tech<\/strong><\/h3>\n\n\n\n<p>The health crisis had a significant impact on San Jose\u2019s multifamily market, but some sense of recovery arose in the year\u2019s first quarter. Rent movement exited negative territory and rose 0.6% on a trailing three-month basis through May, to an average of $2,604. Yet on a year-over-year basis, it posted the worst performance among major metros, down 9.0%. The occupancy rate in stabilized properties in the 12 months ending in April was also affected, recording a 210 basis-point drop to 92.2%.<\/p>\n\n\n\n<p>The unemployment rate slid to 5.1% in April, leading the 6.1% national average, according to preliminary data from the BLS. The job market still has a lot of ground to cover, as it recorded an 8.2% contraction in the 12 months ending in March, below the -6.9% U.S. rate. The only sector that gained jobs during the period was information\u2014which added 1,000 positions\u2014while professional and business services (22.3% of the workforce) shrunk by just 1.2%. As large tech companies, such as Google and Apple, call employees back to the office this summer, it is likely they will create demand for jobs in the service industry, too.<\/p>\n\n\n\n<p>Developers delivered 2,052 units to rental stock through May and had another 10,272 under construction. Meanwhile, investors remained cautious, with multifamily sales amounting to just $57 million, for an average per-unit price of $336,310.<\/p>\n\n\n\n<p>Read the full <strong><a href=\"https:\/\/www.yardimatrix.com\/publications\/download\/file\/1292-MatrixMultifamilySanJoseReport-Summer2021?utm_source=Matrix-Blog&amp;utm_medium=Social\">Matrix Multifamily San Jose Report-Summer 2021<\/a><\/strong><\/p>\n\n\n\n<div style=\"height:46px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n","protected":false},"excerpt":{"rendered":"<p>All Eyes on Tech The health crisis had a significant impact on San Jose\u2019s multifamily market, but some sense of recovery arose in the year\u2019s first quarter. Rent movement exited negative territory and rose 0.6% on a trailing three-month basis through May, to an average of $2,604. Yet on a year-over-year basis, it posted the [&hellip;]<\/p>\n","protected":false},"author":650,"featured_media":1430,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[12,5,4],"tags":[221,77],"class_list":["post-1429","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-metro-reports","category-multifamily-market","category-real-estate-trends","tag-multifamily-outlook-2021","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 Multifamily Market Report \u2013 Summer 2021 - Yardi Matrix Blog<\/title>\n<meta name=\"description\" content=\"Rents in San Jose moved out of negative growth territory, up 0.6% on a trailing three-month basis through May to $2,604.\" \/>\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-multifamily-market-report-summer-2021\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"San Jose Multifamily Market Report \u2013 Summer 2021\" \/>\n<meta property=\"og:description\" content=\"Rents in San Jose moved out of negative growth territory, up 0.6% on a trailing three-month basis through May to $2,604.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.yardimatrix.com\/blog\/san-jose-multifamily-market-report-summer-2021\/\" \/>\n<meta property=\"og:site_name\" content=\"Yardi Matrix Blog\" \/>\n<meta property=\"article:published_time\" content=\"2021-07-26T10:35:26+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-02-06T11:13:38+00:00\" \/>\n<meta property=\"og:image\" 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