Across the country, the price of apartment rentals has gone up, but there are some cities where the rental hikes are a lot more apparent than in other areas. So, if you are moving, you might want to know which of these big hikes in rental prices might affect you.
Moving to California can be expensive, but it doesn’t have to be. Sure, the San Jose-Sunnyvale-Santa Clara area has experienced some hikes in rental prices, but that shouldn’t deter you from wanting to move there. Let’s look at the statistics:
- The annual increase of rental prices in the area is about 8%.
- The average monthly rent in the area is about $1,716.
- The vacancy rate is almost 4%.
- The average concession is about 1%.
It is helpful to know that the San Jose area is one of the strongest apartment markets in the country. Though there have been hikes in rental prices over the past couple of years, it all seems relative to what’s been happening with the local economy, including the unemployment rate (which is at about 11%.)
However, because San Jose has one of the strongest apartment markets in the United States, moving there isn’t as bad as you might think when it comes to your rental budget. You will have room to negotiate and try to get what you really want in a new home.