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Market Report

San Jose Multifamily Market

3Q 2022

Apartments Return to Pre-Pandemic Path as Tech
Office Return May be on the Horizon

Renters are moving back to central areas, ahead of office plans. Apple's aim to have most employees in the office at least three days per week starting in September may be a catalyst for a broader workplace return among South Bay technology companies, but for the metro's apartments, demand has already come back. Vacancy in the Mountain View-Palo Alto-Los Altos submarket dropped to 3.1 percent in June, 100 basis points below the year-end 2019 level and a fraction of the 9.3 percent pandemic high. Availability is even tighter in North Sunnyvale, despite rapid local supply gains, with high renter demand reflected in 20 percent rent growth year-over-year. Monthly rates are climbing nearly as quickly in Cupertino and Central San Jose. Renters are returning to many of the market's major employment hubs, either for lifestyle preferences or in anticipation of a broader adoption of in-workplace routines.

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