Silicon Valley Apartment Market Becoming Super Competitive: Report

📆 04/04/2023 13.00.00
📰 nbcbayarea

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Bay Area apartments are getting harder to find and as tech workers come back to the office.

"South San Francisco, Mountain View, and Santa Clara,” said Crystal Chen of Zumper.

Those cities, according to Zumper, are home to a variety of tech companies that want to see employees back in the office, and therefore, living nearby. "The big tech giants, Apple, Google, Intel, a lot of those companies have return to work policies so people are migrating back to those, and driving rent up,” said Chen.

Another factor keeping the rental market competitive is the continued slowdown in the housing market. High prices combined with high mortgage rates mean there's not much inventory for those trying to buy a house.

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