Since peaking this summer, rental rates have fallen sharply in San Jose.
After peaking this summer, rents in San Jose fell in December for at least the third straight month, according to new listing data.
, which operates a listing service for rental housing. Monthly rent on two-bedroom apartments topped out at around $3,300 in late July and stayed at that level until mid-September, according to its data. "Rent prices are nearly always a harbinger of other economic indicators," Zumper CEO Anthemos Georgiades said in a statement."We’re seeing pandemic-era trends begin to unwind, and we expect that to accelerate — in nearly every sector of the economy — over the next six months or more.". It also comes as the rest of the nation saw rental rates increase.
The price for a one-bedroom apartment in Atlanta, for example, jumped 6.2% over that period, according to Zumper's data. The cost of a two-bedroom unit in Seattle rose 5.7% month-to-month.Despite the recent drop in prices in San Jose, rents are still well up compared with last year. The price of a one-bedroom this month is 8.2% higher than it was in December 2022, according to Zumper. Two-bedroom places cost 11.8% more than they did a year ago.
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