{"id":2842,"date":"2022-01-06T14:40:00","date_gmt":"2022-01-06T14:40:00","guid":{"rendered":"https:\/\/www.yardimatrix.com\/blog\/?p=2842"},"modified":"2023-09-21T11:00:58","modified_gmt":"2023-09-21T11:00:58","slug":"san-jose-multifamily-market-report-fall-2021","status":"publish","type":"post","link":"https:\/\/www.yardimatrix.com\/blog\/san-jose-multifamily-market-report-fall-2021\/","title":{"rendered":"San Jose Multifamily Market Report (Fall 2021)"},"content":{"rendered":"\n<h2 class=\"wp-block-heading\">San Jose&#8217;s Demand Bolsters Rents, Occupancy, Supply<\/h2>\n\n\n\n<p><strong>San Jose\u2019s multifamily market made good progress in 20<\/strong>21, sustained by unexpectedly strong demand. While Silicon Valley did not rebound as fast as less expensive inland markets,<strong> rent growth, occupancy and supply are following a steady recovery<\/strong>. Rents in the Lifestyle segment led growth on a trailing three-month basis through October, up 1.4% to $3,080. The upscale segment also recorded a 200-basis-point jump in occupancy in the 12 months ending in September, to 94.3%. Considering the trough brought by last year\u2019s swift downturn, the metro\u2019s overall 7.6% year-over-year rent growth is highly notable.<\/p>\n\n\n\n<p><strong>The unemployment rate clocked in at 4.0% in September<\/strong>, according to the Bureau of Labor Statistics, outperforming the state (7.5%) and U.S. (4.8%) rates. The job market posted the second-consecutive month of annual growth, even though three sectors lost jobs\u2014construction, government and financial activities. The metro added 11,000 office-using positions, but major tech employers have announced delays in return-to-office timelines due in good part to pandemic pains brought by the COVID-19 delta variant.<\/p>\n\n\n\n<p><strong>Development activity intensified<\/strong>, with 3,717 units delivered in 2021 through October, already surpassing last year\u2019s total. Another 9,520 units were under construction. Meanwhile, transaction activity nearly came to a halt, totaling just $181 million.<\/p>\n\n\n\n<p>Read the full <strong><a href=\"https:\/\/www.yardimatrix.com\/publications\/download\/file\/1383-MatrixMultifamilySanJoseReport-Fall2021\">Matrix Multifamily San Jose Report-Fall 2021<\/a><\/strong><\/p>\n\n\n\n<div class=\"wp-block-spacer\" style=\"height: 46px;\" aria-hidden=\"true\">\u00a0<\/div>\n","protected":false},"excerpt":{"rendered":"<p>San Jose&#8217;s Demand Bolsters Rents, Occupancy, Supply San Jose\u2019s multifamily market made good progress in 2021, sustained by unexpectedly strong demand. While Silicon Valley did not rebound as fast as less expensive inland markets, rent growth, occupancy and supply are following a steady recovery. Rents in the Lifestyle segment led growth on a trailing three-month [&hellip;]<\/p>\n","protected":false},"author":650,"featured_media":2847,"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-2842","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 (Fall 2021) - Yardi Matrix Blog<\/title>\n<meta name=\"description\" content=\"San Jose rents rose 1.2% on a trailing three-month basis through October, to $2,816, sustained primarily by demand for Lifestyle units.\" \/>\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-fall-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 (Fall 2021)\" \/>\n<meta property=\"og:description\" content=\"San Jose rents rose 1.2% on a trailing three-month basis through October, to $2,816, sustained primarily by demand for Lifestyle units.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.yardimatrix.com\/blog\/san-jose-multifamily-market-report-fall-2021\/\" \/>\n<meta property=\"og:site_name\" content=\"Yardi Matrix Blog\" \/>\n<meta property=\"article:published_time\" content=\"2022-01-06T14:40:00+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-09-21T11:00:58+00:00\" 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