{"id":8691,"date":"2024-12-24T08:31:00","date_gmt":"2024-12-24T08:31:00","guid":{"rendered":"https:\/\/www.yardimatrix.com\/blog\/?p=8691"},"modified":"2025-04-15T08:39:56","modified_gmt":"2025-04-15T08:39:56","slug":"san-jose-multifamily-market-report-december-2024","status":"publish","type":"post","link":"https:\/\/www.yardimatrix.com\/blog\/san-jose-multifamily-market-report-december-2024\/","title":{"rendered":"San Jose Multifamily Market Report \u2013 December 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>Development and Sales Stable, While Rents Slip<\/h2>\n<p>San Jose\u2019s multifamily market entered the fourth quarter with mixed results. Average advertised asking rents were down 0.2% on a trailing three-month basis through October, to $3,171, 10 basis points below the U.S. figure. As development slowed down, occupancy climbed 50 basis points year-over-year, to 96.4%, as of October, above the 94.7% national average, according to the <a href=\"\/blog\/national-multifamily-market-report\/\" rel=\"\"><strong>U.S. multifamily market report<\/strong><\/a>.<\/p>\n<p><iframe id=\"datawrapper-chart-R2aEi\" style=\"width: 0; min-width: 100% !important; border: none;\" title=\"San Jose vs. National Rent Growth \" src=\"https:\/\/datawrapper.dwcdn.net\/R2aEi\/1\/\" height=\"328\" 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 in the metro reached 4.1% in September, on par with the U.S. figure, according to preliminary Bureau of LaborStatistics data. After registering a new wave of tech layoffs in 2024, San Jose\u2019s employment growth rate stood at 0.3% in Au\u0002gust, 110 basis points below the U.S. figure. Over the 12-monthperiod ending in August, San Jose added 7,100 net jobs. Educa\u0002tion and health services led growth, with 12,000 positions gained, while information and manufacturing each lost 6,100 jobs. Major projects underway include HCA Healthcare\u2019s upcoming $1.2 billion expansion of Good Samaritan Hospital.<\/p>\n<p><iframe id=\"datawrapper-chart-2yEGy\" style=\"width: 0; min-width: 100% !important; border: none;\" title=\"San Jose Employment Share by Sector  \" src=\"https:\/\/datawrapper.dwcdn.net\/2yEGy\/1\/\" height=\"433\" 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>Completions this year through October totaled 2,601 units, which was a return to San Jose\u2019s historical average. Meanwhile, construction starts decreased significantly, with developers breaking ground on only 889 units in the first 10 months of the year. Investment remained afloat despite the increased cost of capital, as $693 million changed hands, for a $13 million year-over-year increase.<\/p>\n<p>Read the full Yardi Matrix San Jose Multifamily Market Report: <a href=\"https:\/\/www.yardimatrix.com\/publications\/download\/file\/6648-MatrixMultifamilySanJoseReport-December2024\" rel=\"\"><strong>December 2024<\/strong><\/a><\/p>","protected":false},"excerpt":{"rendered":"<p>Development and Sales Stable, While Rents Slip San Jose\u2019s multifamily market entered the fourth quarter with mixed results. Average advertised asking rents were down 0.2% on a trailing three-month basis through October, to $3,171, 10 basis points below the U.S. figure. As development slowed down, occupancy climbed 50 basis points year-over-year, to 96.4%, as of [&hellip;]<\/p>\n","protected":false},"author":436,"featured_media":8247,"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-8691","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 December 2024 - Yardi Matrix Blog<\/title>\n<meta name=\"description\" content=\"San Jose\u2019s advertised asking rents were down 0.2 percent on a T3 basis through October, to $3,171, 10 bps below the U.S. figure.\" \/>\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-december-2024\/\" \/>\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 December 2024\" \/>\n<meta property=\"og:description\" content=\"San Jose\u2019s advertised asking rents were down 0.2 percent on a T3 basis through October, to $3,171, 10 bps below the U.S. figure.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.yardimatrix.com\/blog\/san-jose-multifamily-market-report-december-2024\/\" \/>\n<meta property=\"og:site_name\" content=\"Yardi Matrix Blog\" \/>\n<meta property=\"article:published_time\" content=\"2024-12-24T08:31:00+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2025-04-15T08:39:56+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.yardimatrix.com\/blog\/wp-content\/uploads\/sites\/39\/2024\/08\/San-Jose-iStock-1576016418.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=\"Adina Rogoz\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Tudor Scolca-Seusan\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"San Jose Multifamily Market Report \u2013 December 2024 - 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