At a glance
- Connect CRE attributed the Bay Area gains to the AI boom drawing young professionals seeking employment.
- Nationally, September was the 38th consecutive month of annual declines in apartment rents, with the median asking rent down 0.4% year over year.
- St. Louis, Minneapolis, Virginia Beach, Riverside and Las Vegas shifted from annual rent declines to gains, according to the Realtor.com figures.
Median asking rent in San Jose rose 6.0% year over year to $3,565 in September, a new high, according to Realtor.com data reported by Connect CRE.
San Francisco climbed 4.8% to $3,057, leaving it $48 below its summer 2022 peak. Connect CRE attributed the Bay Area gains to the AI boom drawing young professionals seeking employment.
Nationally, September was the 38th consecutive month of annual declines in apartment rents, with the median asking rent down 0.4% year over year. That was the slowest annual decline in three years, per the same reporting.
St. Louis, Minneapolis, Virginia Beach, Riverside and Las Vegas shifted from annual rent declines to gains, according to the Realtor.com figures. Renters leaving nearby high-cost markets drove the turn, and Realtor.com identified Chicago as the origin of renters arriving in both St. Louis and Minneapolis.
Bay Area rent growth runs opposite the national median
Year-over-year change in median asking rent, September
- Inflow / above zero
- Outflow / below zero
Show as table
| Label | Value (%) |
|---|---|
| San Jose | 6% |
| San Francisco | 4.8% |
| U.S. median | −0.4% |
Reported by the Sectors desk from Connect CRE and Realtor.com (data reported by Connect CRE). Published . Corrections