{"id":1004183948,"date":"2017-08-04T01:05:15","date_gmt":"2017-08-04T09:05:15","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004183948"},"modified":"2025-02-26T23:23:12","modified_gmt":"2025-02-27T07:23:12","slug":"tech-scene-stays-hot-rent-growth-cools-in-san-jose","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/tech-scene-stays-hot-rent-growth-cools-in-san-jose\/","title":{"rendered":"Tech Scene Stays Hot, Rent Growth Cools in San Jose"},"content":{"rendered":"<p>By Robert Demeter<\/p>\n<div id=\"attachment_1004183955\" style=\"width: 410px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/07\/chart8.jpg\" target=\"_blank\" rel=\"noopener noreferrer\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004183955\" data-attachment-id=\"1004183955\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/tech-scene-stays-hot-rent-growth-cools-in-san-jose\/chart-13\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/07\/chart8.jpg\" data-orig-size=\"1007,433\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;1&quot;}\" data-image-title=\"San Jose rent evolution, click to enlarge\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;San Jose rent evolution, click to enlarge&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/07\/chart8.jpg?w=1007\" class=\"wp-image-1004183955\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/07\/chart8.jpg\" alt=\"San Jose rent evolution, click to enlarge\" width=\"400\" height=\"172\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/07\/chart8.jpg 1007w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/07\/chart8.jpg?resize=300,129 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/07\/chart8.jpg?resize=768,330 768w\" sizes=\"auto, (max-width: 400px) 100vw, 400px\" \/><\/a><p id=\"caption-attachment-1004183955\" class=\"wp-caption-text\">San Jose rent evolution, click to enlarge<\/p><\/div>\n<p>Silicon Valley is the nation\u2019s largest tech hub, a top-performing venture capital market and one of the most prominent locations for startups. The metro continues to thrive as an attractive destination for businesses and young, educated workers, as a result of consistent employment and wage growth. However, the rental market is cooling as San Jose becomes increasingly unaffordable, even for higher-paid workers. Rents dropped 1.3 percent year-over-year through May to $2,675, more than double the national average.<\/p>\n<p>Employment gains were led by professional and business services, which added 6,900 jobs. The construction sector also gained traction, as a result of the Bay Area Rapid Transit (BART) Silicon Valley Extension. The 10-mile, $2.3 billion-dollar project is scheduled for completion in December and will create two additional metro stations: Milpitas and Berryessa. The project sparked investor interest, as Lyon Capital Ventures and Clayco Realty Group\u2019s two communities are already under construction in Milpitas, with more than 370 units each.<\/p>\n<p>The total multifamily pipeline consists of roughly 39,000 units in different stages of development, with about 4,000 projected to come online by year-end. Because San Jose is among the most sought-after and competitive markets in the U.S., investor interest is expected to remain high. Rents, however, will stay flat, as Yardi Matrix forecasts only a 0.5 percent increase in 2017.<\/p>\n<p><a href=\"https:\/\/www.yardimatrix.com\/Media\/Downloads\/File\/267-SanJose-Summer2017Outlook?utm_medium=Research-Center&amp;utm_source=CPE&amp;utm_campaign=267-SanJose-Summer2017Outlook\" target=\"_blank\" rel=\"noopener noreferrer\"><em>Read the full Yardi Matrix report.<\/em><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Rent growth has been decelerating since it reached double-digit levels in 2015. As of May, the metro\u2019s $2,675 average rent was more than double the national average of $1,316, according to Yardi Matrix.<\/p>\n","protected":false},"author":59,"featured_media":1004183959,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[37769,21808,21742,37795,36079,15],"tags":[],"class_list":["post-1004183948","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-rc-absorption","category-featured","category-latest","category-rc-occupancy","category-san-jose","category-west"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Tech Scene Stays Hot, Rent Growth Cools in San Jose - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/tech-scene-stays-hot-rent-growth-cools-in-san-jose\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Tech Scene Stays Hot, Rent Growth Cools in San Jose\" \/>\n<meta property=\"og:description\" content=\"Rent growth has been decelerating since it reached double-digit levels in 2015. 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