San Jose Leads for Rent Growth Among Major Apartment Markets

San Jose was the only major apartment market to rank in the national top five for rent growth in June. Apartment operators in San Jose hiked rents by 2.2% in June, according to data from RealPage Market Analytics. This was one of the strongest showings nationwide, but all the other areas that achieved similar growth were much smaller markets. Santa Maria, CA led the nation for price hikes during the month with an increase of 2.6%, while Knoxville, TN logged an increase of 2.3%. Tying with San Jose, a trio of small markets also logged 2.2% growth in June, including Albuquerque, NM, Midland/Odessa, TX and Eugene, OR. San Jose’s recent price increase pushed annual rent growth to 15.9%, which is significant given the market’s track record over the past two years. This market saw steep price cuts that got as deep as 17% during the worst of the COVID-19 pandemic-induced downturn before logging a sizable recovery in more recent months.