{"id":7710,"date":"2024-04-12T08:06:00","date_gmt":"2024-04-12T08:06:00","guid":{"rendered":"https:\/\/www.yardimatrix.com\/blog\/?p=7710"},"modified":"2024-08-29T08:21:34","modified_gmt":"2024-08-29T08:21:34","slug":"san-jose-multifamily-market-report-march-2024","status":"publish","type":"post","link":"https:\/\/www.yardimatrix.com\/blog\/san-jose-multifamily-market-report-march-2024\/","title":{"rendered":"San Jose Multifamily Market Report \u2013 March 2024"},"content":{"rendered":"\n<p class=\"has-normal-font-size\">Read the latest Yardi Matrix <strong><a href=\"\/blog\/san-jose-multifamily-market-report\/\">San Jose Multifamily Market Report<\/a><\/strong><\/p>\n\n\n<hr \/>\n<h2>Fundamentals Steady Amid Sluggish Economy<\/h2>\n<p>While national multifamily rents started 2024 on a downswing as economic growth slowed, San Jose was one of the few metros that recorded positive movement, notes the latest San Jose multifamily market report. The metro\u2019s rents were up 0.1% on a trailing three-month basis through January, while the nation recorded a 0.2% decline, according to the <a href=\"\/blog\/national-multifamily-market-report\/\" rel=\"\"><strong>national multifamily market report<\/strong><\/a>. Demand in San Jose remained steady, as occupancy improved 20 basis points year-over-year, to 95.9% as of January, 130 basis points above the U.S. rate.<\/p>\n<p><iframe id=\"datawrapper-chart-1xiYF\" style=\"width: 0; min-width: 100% !important; border: none;\" title=\"San Jose vs. National Rent Growth\" src=\"https:\/\/datawrapper.dwcdn.net\/1xiYF\/1\/\" height=\"412\" 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>Unemployment climbed to 4.0% in December, the highest rate since October 2021, according to preliminary data from the Bureau of Labor Statistics. As the job market slowed, a total of 11,800 jobs were added over the 12-month period ending in November. That accounts for a growth rate of 1.7%\u201450 basis points behind the 2.2% U.S. figure. The rate exceeded the national figure for the first eight months of the year. Education and health services led growth with 11,100 jobs. A few sectors recorded losses, with manufacturing taking a big hit, down 4,100 jobs for a 2.2% slide.<\/p>\n<p><iframe id=\"datawrapper-chart-zR6wR\" style=\"width: 0; min-width: 100% !important; border: none;\" title=\"San Jose Employment Share by Sector\" src=\"https:\/\/datawrapper.dwcdn.net\/zR6wR\/1\/\" height=\"423\" 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>Development activity reflected a clear downward trend. San Jose had 10,488 units under construction as of January. In 2023, a total of 2,738 units came online, up 10.1% year-over-year. However, construction starts declined by a hefty 69.6% when compared to 2022, signaling an upcoming decline in new supply<\/p>\n<p>Read the full Yardi Matrix San Jose Multifamily Market Report: <a href=\"\/publications\/download\/file\/5350-MatrixMultifamilySanJoseReport-March2024\"><strong>March 2024<\/strong><\/a><\/p>","protected":false},"excerpt":{"rendered":"<p>Fundamentals Steady Amid Sluggish Economy While national multifamily rents started 2024 on a downswing as economic growth slowed, San Jose was one of the few metros that recorded positive movement, notes the latest San Jose multifamily market report. The metro\u2019s rents were up 0.1% on a trailing three-month basis through January, while the nation recorded [&hellip;]<\/p>\n","protected":false},"author":753,"featured_media":7281,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[12,5,4],"tags":[511,77],"class_list":["post-7710","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-metro-reports","category-multifamily-market","category-real-estate-trends","tag-multifamily-outlook-2024","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 2024 - Yardi Matrix Blog<\/title>\n<meta name=\"description\" content=\"San Jose\u2019s fundamentals remained mostly on the upswing, with rents up 0.1% on a 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