San Jose apartment rents climbed higher in 2011 than any other major metro market in the nation, according to a RealFacts Inc. survey released Thursday, followed closely by San Francisco at No. 2.
Average rents in the San Jose-Sunnyvale-Santa Clara metropolitan area climbed 11.7 percent to $1,783 by the end of 2011 compared to $1,596 at the end of 2010.
Average rents in the San Francisco-Oakland-Fremont market rose 10.4 percent for the year to $1,708 by the end of the year.
No other market rents rose in double digits for 2011. The rest of the top 10 jumps were: Austin, 6.5 percent; Denver, 6.1 percent; Seattle, 5.4 percent; Portland, 4.5 percent; Colorado Springs, 4.5 percent; Durham, N.C., 4 percent; Los Angeles, 3.9 percent; and Dallas, 3.6 percent.
Unlike other markets, aggressive rent hikes appear to be sticking in Silicon Valley and San Francisco.
Of the 47 markets the apartment data provider tracks, rents actually declined in the fourth quarter in 24 of them while three remained unchanged.
Despite its big year-to-year jump, the San Jose market was among the fourth-quarter decliners, down 0.5 percent in the fourth quarter from $1,792 in the third quarter.
San Francisco metro rents rose 0.5 percent from $1,699 between the third and fourth quarters.
But overall, the average rent jumps in the San Francisco and San Jose metros at the end of 2011 ranked higher than any other of the 46 markets.
Source: Silicon Valley / San Jose Business Journal by Mary Ann Azevedo, Reporter
Date: Thursday, January 19, 2012, 12:01am PST - Last Modified: Thursday, January 19, 2012, 11:07am PST.
