Market Report
San Jose Multifamily Market Report
4Q 2024
Focal Points of New Demand Are Shifting as the
Local Multifamily Market Normalizes Overall
An expanding resident base is supporting apartment demand. The metro’s population increased by 0.2 percent from July 2023 to June 2024, faster than the same period in 2019. Less urban malaise compared with nearby Bay Area counterparts, along with steady labor market growth despite tech sector contractions, position the metro to achieve its highest annual household formation since 2015. Meanwhile, housing options remain limited and are tightening further. As of June, the gap between the typical monthly mortgage payment on a median-priced house and the mean effective Class A rent was the second largest among major U.S. markets at $9,143.
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