San Jose multifamily rents hold firm despite seasonal decline

San Jose’s apartment market continues to defy national trends, posting steady rent gains even as economic headwinds persist. Average asking rents reached $3,190 per month in the fourth quarter of 2025, up 3.2% year over year, maintaining San Jose’s position as the third most expensive U.S. metro area for multifamily housing, behind New York and San Francisco. This growth underscores the region’s enduring demand, fueled by Silicon Valley’s high incomes and a widening affordability gap between renting and owning a home.