San Jose apartment rents push higher in May as tight supply keeps landlords in the driver's seat

Multifamily rents in San Jose continued to climb in May 2026, underscoring the market’s exceptionally tight conditions. Asking rents rose again as limited new supply and steady renter demand, particularly from high-income, tech-oriented households, kept availability near historic lows. The persistence of rent growth matters for owners and investors alike, as it signals sustained pricing power heading into the second half of the year.