After peaking this summer, rents in San Jose fell in December for at least the third straight month, according to new listing data.
, which operates a listing service for rental housing. Monthly rent on two-bedroom apartments topped out at around $3,300 in late July and stayed at that level until mid-September, according to its data. "Rent prices are nearly always a harbinger of other economic indicators," Zumper CEO Anthemos Georgiades said in a statement."We’re seeing pandemic-era trends begin to unwind, and we expect that to accelerate — in nearly every sector of the economy — over the next six months or more.". It also comes as the rest of the nation saw rental rates increase.
The price for a one-bedroom apartment in Atlanta, for example, jumped 6.2% over that period, according to Zumper's data. The cost of a two-bedroom unit in Seattle rose 5.7% month-to-month.Despite the recent drop in prices in San Jose, rents are still well up compared with last year. The price of a one-bedroom this month is 8.2% higher than it was in December 2022, according to Zumper. Two-bedroom places cost 11.8% more than they did a year ago.