Forbes just named San Jose one of its top 20 fastest-growing cities the US, clocking in at No. 19 (it has the hockey team to prove it), and its job growth is turning up the volume on apartment demand. (Here, Bay West Development's Matt Gingery is turning up the NEST thermostat in his new 293-unit Aire apartment complex in San Jose this month.)The City continues to add 25,000 to 30,000 new jobs annually, including many high-paying tech jobs, heating up the already hot San Jose apartment market.
According to AXIOMetrics, 2013 saw 8% rent growth and 96% market occupancy across San Jose’s apartment sector. Most notable is the market’s strong absorption and robust rent gains in the face significant new supply, notes CBRE multifamily pro Jordan Moss, flanked here by Bay West's Sean Murphy and Matt. This trend may persist for the foreseeable future, says Jordan, as additional employment gains are forecasted to hike San Jose apartment rents another 5% in 2014.
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