San Jose, CA Multifamily Market Report | Yardi Matrix | Q4 2025

Market Overview

San Jose's multifamily investment volume reached $1.5 billion through October 2025, already surpassing every prior year on record since at least 2015. The capital markets surge came alongside strong operating fundamentals: average asking rents of $3,310 were up 3.7% year over year through October, leading all major California markets including San Francisco, Los Angeles, Sacramento, and San Diego. Occupancy in stabilized assets climbed to 96.7%, 200 basis points above the national average. Completions slowed to 3,769 units year to date, limiting new supply pressure. Silicon Valley employment slipped modestly, down a net 2,000 jobs over the prior 12 months, though education and healthcare gained 8,600 positions, with a new $422 million psychiatric facility adding further to the sector's growth trajectory.

About Yardi Matrix

Yardi Matrix is a commercial real estate data and research platform serving multifamily investors, developers, and property managers across the U.S. Their San Jose Multifamily Market Report for December 2025 tracks asking rents, occupancy, completions, and investment volume to help owners and investors assess market conditions and refine investment timing. To read the full report, click here.