Saturday, April 25, 2015

Saturday Stats: Rents Are Still Sky-High in San Jose

While there was some talk last year about rents starting to stabilize, the numbers in Zillow's latest studies show otherwise. In fact, there was a painful 13.4% increase in rents year-over-year from January 2014 to January 2015. Here are some other tidbits regarding the San Jose rental market:
  • In San Jose, the median rent is $3,179 and rent is expected to increase 11.79 percent annually. 
  • San Jose renters pay 39.4 percent of their income on rent each month, assuming the median San Jose income. 
  • San Jose permitted just 294 new units for every 1,000 new residents from 2012 to 2013, according to Zillow.
  • The Breakeven Horizon shows renters should consider buying in San Jose if they plan to live there for 2.7 or more years. 
For more info, head over to the Zillow article entitled: The Rent is Still Too Damn High -- And Getting Higher

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