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Market Report

San Jose Multifamily Market

2Q 2024

Tech Sector Headwinds May Be Abating as Broader
Job Growth Sustains Need for Rentals

Pipeline well-aligned with recent demand metrics. As a prominent technology hub, San Jose was not immune to sector-specific layoffs. The number of professional and technical service roles in the metro fell by nearly 6,000 last year. That trend may be improving, however, as through the first three months of 2024, that same job tally was up by over 1,000 positions. Meanwhile, employment growth has continued across the healthcare, entertainment and local government sectors. This, in turn, is supporting household formation and rental demand. Vacancy fell year-over-year through the first quarter in both Santa Clara and North Sunnyvale, which bodes well for the more than 3,900 apartments currently underway across the two submarkets.

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