San Jose multifamily rents held firm in December as vacancies declined

San Jose’s multifamily market ended 2025 on a resilient note, even as rent growth showed signs of moderation. Average asking rents dipped slightly in December to $3,740 per month, down 0.14% from November, marking the third consecutive monthly decline. Despite this softening, rents remain 3.5% higher year over year, underscoring the market’s strength amid economic uncertainty and affordability challenges.