{"id":4497,"date":"2022-08-11T10:26:01","date_gmt":"2022-08-11T10:26:01","guid":{"rendered":"https:\/\/www.yardimatrix.com\/blog\/?p=4497"},"modified":"2023-09-13T08:57:41","modified_gmt":"2023-09-13T08:57:41","slug":"san-jose-multifamily-market-report-july-2022","status":"publish","type":"post","link":"https:\/\/www.yardimatrix.com\/blog\/san-jose-multifamily-market-report-july-2022\/","title":{"rendered":"San Jose Multifamily Market Report\u00a0\u2013 July 2022"},"content":{"rendered":"\n<h2 class=\"wp-block-heading\">Rents Break Records, Outpace Nation<\/h2>\n\n\n\n<p><strong><a href=\"https:\/\/www.yardimatrix.com\/blog\/san-jose-housing-market-trends-march-2022\/\">San Jose multifamily assets showed strong fundamentals<\/a><\/strong> approaching midyear 2022. <strong>The average rent reached a new high, up 1.8%<\/strong> on a trailing three-month (T3) basis through May, to $3,006. The average rate expanded 12.9% year-over-year, pushing figures well past the national figure, which, at $1,680, reached an all-time high. The metro\u2019s occupancy rate in stabilized properties was 95.4%, as of April.<\/p>\n\n\n\n<p><strong>The unemployment rate in the metro marked the lowest in more than a decade,<\/strong> clocking in at 2.2%, according to preliminary April data from the Bureau of Labor Statistics. This outpaces both the national (3.6%) and state averages (4.6%). In the 12 months ending in March, San Jose added 63,100 positions for a 5.8% expansion, 110 basis points above the national average. All sectors recorded gains, apart from financial activities, which lost 1,300 positions, for a 3.2% decrease. Google announced it was moving forward with its $156 million neighborhood project near Diridon Station. The downtown development will feature office buildings, homes, retail space, restaurants and entertainment centers.<\/p>\n\n\n\n<p>After reaching an all-time high in 2021, <strong>construction activity in San Jose struggled to maintain momentum<\/strong> in the first five months of the year, with developers adding only 522 units to the inventory. Despite the severe lack of affordable housing, all properties targeted Lifestyle renters.<\/p>\n\n\n\n<p>Read the full <strong><a href=\"https:\/\/www.yardimatrix.com\/publications\/download\/file\/2524-MatrixMultifamilySanJoseReport-July2022\">Matrix Multifamily San Jose Report-July 2022<\/a><\/strong><\/p>\n\n\n\n<div style=\"height:45px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Rents Break Records, Outpace Nation San Jose multifamily assets showed strong fundamentals approaching midyear 2022. The average rent reached a new high, up 1.8% on a trailing three-month (T3) basis through May, to $3,006. The average rate expanded 12.9% year-over-year, pushing figures well past the national figure, which, at $1,680, reached an all-time high. The [&hellip;]<\/p>\n","protected":false},"author":650,"featured_media":4498,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[12,5,4],"tags":[444,77],"class_list":["post-4497","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-metro-reports","category-multifamily-market","category-real-estate-trends","tag-multifamily-outlook-2022","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\u00a0\u2013 July 2022 - Yardi Matrix Blog<\/title>\n<meta name=\"description\" content=\"San Jose multifamily assets showed strong fundamentals approaching midyear 2022. The average rent reached a new high.\" \/>\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-july-2022\/\" \/>\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\u00a0\u2013 July 2022\" \/>\n<meta property=\"og:description\" content=\"San Jose multifamily assets showed strong fundamentals approaching midyear 2022. The average rent reached a new high.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.yardimatrix.com\/blog\/san-jose-multifamily-market-report-july-2022\/\" \/>\n<meta property=\"og:site_name\" content=\"Yardi Matrix Blog\" \/>\n<meta property=\"article:published_time\" content=\"2022-08-11T10:26:01+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-09-13T08:57:41+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.yardimatrix.com\/blog\/wp-content\/uploads\/sites\/39\/2022\/08\/San-Jose-iStock-1386999963.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=\"Lucia Morosanu\" \/>\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 Multifamily Market Report\u00a0\u2013 July 2022 - Yardi Matrix Blog","description":"San Jose multifamily assets showed strong fundamentals approaching midyear 2022. The average rent reached a new high.","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-multifamily-market-report-july-2022\/","og_locale":"en_US","og_type":"article","og_title":"San Jose Multifamily Market Report\u00a0\u2013 July 2022","og_description":"San Jose multifamily assets showed strong fundamentals approaching midyear 2022. The average rent reached a new high.","og_url":"https:\/\/www.yardimatrix.com\/blog\/san-jose-multifamily-market-report-july-2022\/","og_site_name":"Yardi Matrix Blog","article_published_time":"2022-08-11T10:26:01+00:00","article_modified_time":"2023-09-13T08:57:41+00:00","og_image":[{"width":1200,"height":628,"url":"https:\/\/www.yardimatrix.com\/blog\/wp-content\/uploads\/sites\/39\/2022\/08\/San-Jose-iStock-1386999963.jpg","type":"image\/jpeg"}],"author":"lilianam","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Lucia Morosanu","Est. reading time":"1 minute"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.yardimatrix.com\/blog\/san-jose-multifamily-market-report-july-2022\/#article","isPartOf":{"@id":"https:\/\/www.yardimatrix.com\/blog\/san-jose-multifamily-market-report-july-2022\/"},"author":{"name":"lilianam","@id":"https:\/\/www.yardimatrix.com\/blog\/#\/schema\/person\/877efe30f5be34ed3f8b5f334c96a8e0"},"headline":"San Jose Multifamily Market Report\u00a0\u2013 July 2022","datePublished":"2022-08-11T10:26:01+00:00","dateModified":"2023-09-13T08:57:41+00:00","mainEntityOfPage":{"@id":"https:\/\/www.yardimatrix.com\/blog\/san-jose-multifamily-market-report-july-2022\/"},"wordCount":215,"commentCount":0,"publisher":{"@id":"https:\/\/www.yardimatrix.com\/blog\/#organization"},"image":{"@id":"https:\/\/www.yardimatrix.com\/blog\/san-jose-multifamily-market-report-july-2022\/#primaryimage"},"thumbnailUrl":"https:\/\/www.yardimatrix.com\/blog\/wp-content\/uploads\/sites\/39\/2022\/08\/San-Jose-iStock-1386999963.jpg","keywords":["Multifamily Outlook 2022","San Jose"],"articleSection":["Metro Reports","Multifamily Market","Real Estate Trends"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/www.yardimatrix.com\/blog\/san-jose-multifamily-market-report-july-2022\/#respond"]}]},{"@type":"WebPage","@id":"https:\/\/www.yardimatrix.com\/blog\/san-jose-multifamily-market-report-july-2022\/","url":"https:\/\/www.yardimatrix.com\/blog\/san-jose-multifamily-market-report-july-2022\/","name":"San Jose Multifamily Market Report\u00a0\u2013 July 2022 - Yardi Matrix Blog","isPartOf":{"@id":"https:\/\/www.yardimatrix.com\/blog\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.yardimatrix.com\/blog\/san-jose-multifamily-market-report-july-2022\/#primaryimage"},"image":{"@id":"https:\/\/www.yardimatrix.com\/blog\/san-jose-multifamily-market-report-july-2022\/#primaryimage"},"thumbnailUrl":"https:\/\/www.yardimatrix.com\/blog\/wp-content\/uploads\/sites\/39\/2022\/08\/San-Jose-iStock-1386999963.jpg","datePublished":"2022-08-11T10:26:01+00:00","dateModified":"2023-09-13T08:57:41+00:00","description":"San Jose multifamily assets showed strong fundamentals approaching midyear 2022. The average rent reached a new high.","breadcrumb":{"@id":"https:\/\/www.yardimatrix.com\/blog\/san-jose-multifamily-market-report-july-2022\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.yardimatrix.com\/blog\/san-jose-multifamily-market-report-july-2022\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.yardimatrix.com\/blog\/san-jose-multifamily-market-report-july-2022\/#primaryimage","url":"https:\/\/www.yardimatrix.com\/blog\/wp-content\/uploads\/sites\/39\/2022\/08\/San-Jose-iStock-1386999963.jpg","contentUrl":"https:\/\/www.yardimatrix.com\/blog\/wp-content\/uploads\/sites\/39\/2022\/08\/San-Jose-iStock-1386999963.jpg","width":1200,"height":628,"caption":"Image by Alejandro Rojas\/iStockphoto.com"},{"@type":"BreadcrumbList","@id":"https:\/\/www.yardimatrix.com\/blog\/san-jose-multifamily-market-report-july-2022\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.yardimatrix.com\/blog\/"},{"@type":"ListItem","position":2,"name":"San Jose Multifamily Market Report\u00a0\u2013 July 2022"}]},{"@type":"WebSite","@id":"https:\/\/www.yardimatrix.com\/blog\/#website","url":"https:\/\/www.yardimatrix.com\/blog\/","name":"Yardi Matrix Blog","description":"Stay current with the latest commercial real estate market trends and forecasts","publisher":{"@id":"https:\/\/www.yardimatrix.com\/blog\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.yardimatrix.com\/blog\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/www.yardimatrix.com\/blog\/#organization","name":"Yardi Matrix","url":"https:\/\/www.yardimatrix.com\/blog\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.yardimatrix.com\/blog\/#\/schema\/logo\/image\/","url":"https:\/\/www.yardimatrix.com\/blog\/wp-content\/uploads\/sites\/39\/2020\/11\/Inline_Matrix_Color_es-1.jpg","contentUrl":"https:\/\/www.yardimatrix.com\/blog\/wp-content\/uploads\/sites\/39\/2020\/11\/Inline_Matrix_Color_es-1.jpg","width":200,"height":39,"caption":"Yardi Matrix"},"image":{"@id":"https:\/\/www.yardimatrix.com\/blog\/#\/schema\/logo\/image\/"},"sameAs":["https:\/\/www.linkedin.com\/company\/yardi-matrix\/","https:\/\/www.youtube.com\/channel\/UCRHgAZL4YoyeNEdiRN5uj0g"]},{"@type":"Person","@id":"https:\/\/www.yardimatrix.com\/blog\/#\/schema\/person\/877efe30f5be34ed3f8b5f334c96a8e0","name":"lilianam","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.yardimatrix.com\/blog\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/45984043e497a4c112cc391ba1c7376592e14880c782c889d4abfed0aeefa8ad?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/45984043e497a4c112cc391ba1c7376592e14880c782c889d4abfed0aeefa8ad?s=96&d=mm&r=g","caption":"lilianam"},"url":""}]}},"jetpack_featured_media_url":"https:\/\/www.yardimatrix.com\/blog\/wp-content\/uploads\/sites\/39\/2022\/08\/San-Jose-iStock-1386999963.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/www.yardimatrix.com\/blog\/wp-json\/wp\/v2\/posts\/4497","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.yardimatrix.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.yardimatrix.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.yardimatrix.com\/blog\/wp-json\/wp\/v2\/users\/650"}],"replies":[{"embeddable":true,"href":"https:\/\/www.yardimatrix.com\/blog\/wp-json\/wp\/v2\/comments?post=4497"}],"version-history":[{"count":5,"href":"https:\/\/www.yardimatrix.com\/blog\/wp-json\/wp\/v2\/posts\/4497\/revisions"}],"predecessor-version":[{"id":6357,"href":"https:\/\/www.yardimatrix.com\/blog\/wp-json\/wp\/v2\/posts\/4497\/revisions\/6357"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.yardimatrix.com\/blog\/wp-json\/wp\/v2\/media\/4498"}],"wp:attachment":[{"href":"https:\/\/www.yardimatrix.com\/blog\/wp-json\/wp\/v2\/media?parent=4497"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.yardimatrix.com\/blog\/wp-json\/wp\/v2\/categories?post=4497"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.yardimatrix.com\/blog\/wp-json\/wp\/v2\/tags?post=4497"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}