San Jose Multifamily Market Report – March 2025

Market Overview

San Jose anchors the heart of Silicon Valley, with a metro population nearing 2 million as of 2024. The region’s economy is centered on the tech sector, with major employers including Apple, Google, Meta, and Nvidia. Though tech layoffs slowed the market in 2023, recovery signs emerged in Q1 2025 as rent growth turned positive and occupancy held above 95%. Construction remains concentrated in transit-accessible submarkets like Santa Clara and Mountain View. With limited new starts and rebounding confidence, investor sentiment is cautiously optimistic.

About Yardi Matrix

Yardi Matrix offers deep coverage of high-barrier markets like Silicon Valley, combining rent data, construction activity, and investment sales into one cohesive platform. Their parent company, Yardi Systems, is a global real estate technology firm with over 8,000 employees. Matrix reports are widely used by REITs, lenders, and developers, particularly in data-intensive regions like the Bay Area, where deal-making requires real-time, hyper-local intelligence.