{"id":5819,"date":"2023-04-19T08:06:16","date_gmt":"2023-04-19T08:06:16","guid":{"rendered":"https:\/\/www.yardimatrix.com\/blog\/?p=5819"},"modified":"2023-09-12T17:11:00","modified_gmt":"2023-09-12T17:11:00","slug":"san-jose-multifamily-market-report-march-2023","status":"publish","type":"post","link":"https:\/\/www.yardimatrix.com\/blog\/san-jose-multifamily-market-report-march-2023\/","title":{"rendered":"San Jose Multifamily Market Report \u2013 March 2023"},"content":{"rendered":"<h2>Fundamentals Temper, Remain Healthy<\/h2>\n<p>After a year of strong gains, San Jose rents <strong><a href=\"https:\/\/www.yardimatrix.com\/blog\/san-jose-multifamily-market-report-december-2022\/\">followed the nationwide deceleration trend<\/a><\/strong>, with overall rates decreasing by 0.6% on a trailing three-month basis through January, to an average of $3,067. Rents in the market contracted 30 basis points faster than the national average during the period, with the U.S. figure now at $1,701. On a year-over-year basis, San Jose had one of the highest rent expansion rates in the nation, at 8.1%.<\/p>\n<p><iframe id=\"datawrapper-chart-7jMcT\" style=\"width: 0; min-width: 100% !important; border: none;\" title=\"San Jose vs. National Rent Growth (Trailing 3 Months)\" src=\"https:\/\/datawrapper.dwcdn.net\/7jMcT\/1\/\" height=\"376\" frameborder=\"0\" scrolling=\"no\" aria-label=\"Interactive line chart\" data-external=\"1\"><\/iframe><script type=\"text\/javascript\">!function(){\"use strict\";window.addEventListener(\"message\",(function(a){if(void 0!==a.data[\"datawrapper-height\"]){var e=document.querySelectorAll(\"iframe\");for(var t in a.data[\"datawrapper-height\"])for(var r=0;r<e.length;r++)if(e[r].contentWindow===a.source){var i=a.data[\"datawrapper-height\"][t]+\"px\";e[r].style.height=i}}}))}();\n<\/script><\/p>\n<p>Despite a growing wave of tech layoffs, San Jose maintained strong employment growth, with the labor pool expanding by 5.1% during the 12-month period through November\u2014120 basis points higher than the U.S. rate. According to preliminary data from the Bureau of Labor Statistics, the unemployment rate was a tight 2.1% as of December, lower than both the U.S. (3.5%) and California (4.1%) figures. The Silicon Valley BART extension project entered its second phase, which will add an additional four stations from Berryessa through downtown San Jose and to Santa Clara. The expansion is estimated to cost $9.3 billion, with the testing phase scheduled for 2028-30.<\/p>\n<p><iframe id=\"datawrapper-chart-l7KVW\" style=\"width: 0; min-width: 100% !important; border: none;\" title=\"San Jose Employment Share by Sector\" src=\"https:\/\/datawrapper.dwcdn.net\/l7KVW\/1\/\" height=\"576\" frameborder=\"0\" scrolling=\"no\" aria-label=\"Table\" data-external=\"1\"><\/iframe><script type=\"text\/javascript\">!function(){\"use strict\";window.addEventListener(\"message\",(function(a){if(void 0!==a.data[\"datawrapper-height\"]){var e=document.querySelectorAll(\"iframe\");for(var t in a.data[\"datawrapper-height\"])for(var r=0;r<e.length;r++)if(e[r].contentWindow===a.source){var i=a.data[\"datawrapper-height\"][t]+\"px\";e[r].style.height=i}}}))}();\n<\/script><\/p>\n<p>San Jose recorded a 1.1% expansion of stock in 2022, equivalent to 1,470 units. The metro had 9,697 units under construction, with Yardi Matrix expecting roughly 4,000 units to be completed this year. The metro\u2019s investment volume in 2022 increased five times more than the previous year, with $1.1 billion in sales recorded.<\/p>\n<p>Read the full <a href=\"https:\/\/www.yardimatrix.com\/publications\/download\/file\/3640-MatrixMultifamilySanJoseReport-March2023\" target=\"_blank\" rel=\"noopener\"><strong>Matrix Multifamily San Jose Report-March 2023<\/strong><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Fundamentals Temper, Remain Healthy After a year of strong gains, San Jose rents followed the nationwide deceleration trend, with overall rates decreasing by 0.6% on a trailing three-month basis through January, to an average of $3,067. Rents in the market contracted 30 basis points faster than the national average during the period, with the U.S. [&hellip;]<\/p>\n","protected":false},"author":753,"featured_media":5820,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[12,5,4],"tags":[475,77],"class_list":["post-5819","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-metro-reports","category-multifamily-market","category-real-estate-trends","tag-multifamily-outlook-2023","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 March 2023 - Yardi Matrix Blog<\/title>\n<meta name=\"description\" content=\"San Jose\u2019s rents grew 8.1% on a YOY basis, to $3,067, as of January, one of the fastest rates in the nation, according to Yardi Matrix data.\" \/>\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-march-2023\/\" \/>\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 March 2023\" \/>\n<meta property=\"og:description\" content=\"San Jose\u2019s rents grew 8.1% on a YOY basis, to $3,067, as of January, one of the fastest rates in the nation, according to Yardi Matrix data.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.yardimatrix.com\/blog\/san-jose-multifamily-market-report-march-2023\/\" \/>\n<meta property=\"og:site_name\" content=\"Yardi Matrix Blog\" \/>\n<meta property=\"article:published_time\" content=\"2023-04-19T08:06:16+00:00\" \/>\n<meta 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