Saturday Stats: San Jose has #4 Highest 1BD Rents in the US

I'm not sure if this is good news or bad news. At $2,230 per month, San Jose had the 4th highest rent in the nation for one bedroom apartments in August. The positive way to spin this is that we did not have the #1 highest rent in the nation. San Francisco took that prize with a median rent of $3,500 a month. They were followed by New York with $3,100/mo and Boston at $2,250/mo. I have a feeling that some of the fancy new apartments Downtown will be driving this metric up over the next couple years.

Oh, and if we look at % change in rent this year for one-bedroom apartments, San Jose comes in at #5 in the nation with a 14.9% increase. Oakland was at the top of that list with 20% and San Francisco was 8th at 12.9%.

Source: Zumper, hat tip to Barclay Livker

% Changes This Year

1. Oakland, CA – $1,980 (+20%)
2. Austin, TX – $1,170 (+17%)
3. Kansas City, MO – $770 (+16.7%)
4. Sacramento, CA – $900 (+15.4%)
5. San Jose, CA – $2,230 (+14.9%)
6. Atlanta, GA – $1,250 (+13.6%)
7. Dallas, TX – $1,190 (+13.3%)
8. San Francisco, CA – $3,500 (+12.9%)
9. Chicago, IL – $1,920 (+11.6%)

San Jose Homelessness Drops to Lowest Level in a Decade

Finally some good news regarding homelessness. The headline says it all, the San Jose homeless population has declined to its lowest level in ten years. There was a 14% drop in homelessness across all of Santa Clara County over the past two years, and the city of San Jose fared even better with a 15% drop. In 2013 there were 4,770 homeless living in San Jose and now that number has dropped to 4,063. Those living in homeless encampments such as the infamous "Jungle" have dropped from 1,230 to 778, a 38% improvement. There was also a 12% decrease in those that are chronically homeless (versus temporary homeless).

The overall numbers are still not fantastic, but at least we are moving in the right direction.

Source: The Merc

Communications Hill - Final Phase

Communications Hill is one of the largest master-planned communities in the history of San Jose. The region is about to enter its final stage of development which will last a decade. Last week KB Home bought a 9.8-acre parcel is ais about to start construction on 154 units that will be a mix of townhomes and "small-lot" single family homes. That will be followed by another 160 units after those are complete in mid 2016.

Also part of long term plan is a 60,000 SQFT retail village on the hill, six-story contemporary condos, 1.4 million SQFT of industrial space, and a better connection to transit. As far as suburban projects go, I think this is as good as your're going to get.

Source: SVBJ

Taylor Morrison Building 180+ Units in San Jose

Taylor Morrison has acquired 8-acres of dirt at the intersection of Monterey Highway and Montecito Vista Drive. The location is near the Plant Shopping Center and The Santa Clara County Fairgrounds. The plan is to build 184 townhomes across the land ranging in size from 1,400 SQFT to 2,000 SQFT and having 2-4 bedrooms.

This is part of a larger master-planned community called Montecito Vista, clocking in at 30-acres. Lennar is also building a 100-unit project next door called Astoria.

The Taylor Morrison project will begin construction in about a year with models opening up April 2016.

Source: SVBJ