As is the case in other Bay Area cities, average rent prices in San Jose are falling, but who is benefitting from the decline?
The average rent in San Jose is down almost 8% from last year, for one of the sharpest drops among the country's biggest cities, according to a new report from apartment listing service Rent Café.
However, that doesn't mean renting is more affordable for everyone.
“Rents are likely to have been tighter at the lower end where lower income folks are renting, and rents are likely coming down at the top end and the luxury end,” said Matthew Reed, policy manager at Silicon Valley at Home, a nonprofit affordable housing advocacy group.
Reed told KCBS Radio that while average rent may be falling as people in high end apartments downsize or even move, the city's real estate market is still very healthy.
“The for sale housing market is extremely tight and has seen really significant increase in prices,” he noted. “We’re just not losing people in the way that other regions are.”
Reed expects Silicon Valley to continue to be a place where a lot of people live and work without an inadequate housing supply.
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