The pandemic had an impact on rent prices in major cities and neighborhoods across the U.S. To quantify the impact, we’re focusing attention on some of the major cities and neighborhoods in the U.S. We will be presenting our findings in a series of year-over-year neighborhood and city snapshots.
The subject of today’s snapshot is San Jose, California. Based on our analysis, San Jose’s year-over-year average rents have decreased among all bedroom unit types.
Our standard neighborhood analysis uses a 12-month “LookBack” to establish an average baseline rent. The results from the 12-month LookBack analysis are presented in the tables below for San Jose 1-3 bedroom rents from September 1, 2020 – September 1, 2021:
As the table shows, 1BR units decreased by 7% from last year or $160 less. The 2BR units decreased by 6% or $180 more, and the 3BR units decreased their rents by 4% or $129 less. As demonstrated by the table, year-over-year performance for all bedroom units in San Jose saw a decrease in rent.
This article was written by the Rentometer Content Team. The Rentometer Blog features fresh takes and insights on rental housing topics, services, and technology.