San Jose Multifamily Report – March 2026
While employment is lagging, most fundamentals are sound.
The San Jose multifamily market entered 2026 with mixed performance, but the metro continues to benefit from solid long-term fundamentals. Advertised asking rents ticked down 0.1 percent, on a trailing three-month basis through January, to $3,297, marking an improvement over the last two months of 2025. Silicon Valley occupancy in stabilized assets remained solid, at 96.5 percent as of December 2025, two full percentage points above the national average.
The metro’s employment market remained on a downward trend, with the growth rate at -0.2 percent through September, lagging the nation by 100 basis points. Unemployment stood at 4.0 percent as of December, 40 basis points below the U.S. figure, according to preliminary data from the Bureau of Labor Statistics. In the 12 months ending in September 2025, San Jose recorded a net loss of 1,500 jobs, with professional and business services marking the steepest decline (-8,200). Gains were led by education and health services (7,100) and leisure and hospitality (1,800). Following the San Jose Sharks’ lease extension through the 2050-51 NHL season, the city approved a half a billion renovation of the team’s main arena, the SAP Center.
Developers added 3,861 units to San Jose’s inventory in 2025, in line with the decade’s historical performance. Meanwhile, investment totaled $2 billion in 2025, making it the best-performing year of the past decade.
