Silicon Valley rents surge in Q2
In the Silicon Valley, apartment rent prices jumped an average of $134 in the second quarter.
“It shows there’s plenty of demand,” says Joshua Howard, executive director of the California Apartment Association’s Tri-County Division. “With the lack of homes available for sale, more people are renting. And with home prices going up, some consumers are figuring out it’s less expensive to make a rent payment.”
For more specifics on average rents in the state’s top markets, check out this article in the Silicon Valley Business Journal.
Despite high demand, occupancy dropped slightly in the Silicon Valley, something Howard attributes to the recent completion of a number of apartment projects.
And more apartment development is on the way, including upwards of 15,000 units in the region. Howard tells KTVU.com.
“There is relief in sight,” he says.
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