Bay Area market rental trends report

Over the past 3-6 months, rental prices in San Francisco have experienced a modest increase, with average rents rising by approximately 2.6% year-over-year. This uptick can be attributed to a combination of factors, including a rebound in demand as the local economy continues to recover, along with a limited supply of available rental units. The current median rent for the region stands at $3,200, reflecting a slight decrease from earlier in 2024 but still above the pre-pandemic averages.

Cupertino

Over the past 3-6 months, rental prices in Cupertino have experienced a slight decrease, with overall rents dropping by approximately 3-5%. This change can be attributed to a cooling off in the hyper-competitive rental market, as well as a seasonal shift in demand and the increasing availability of new units. Despite these fluctuations, the current median rent for the region remains high at approximately $3,701 per month, driven by Cupertino's proximity to Silicon Valley and its desirable living environment.

Sunnyvale

Over the past 3-6 months, rental prices in Sunnyvale have seen a significant increase, with overall rents rising by approximately 3-5%. This surge is primarily driven by the area's strong demand, fueled by its proximity to Silicon Valley and a continued influx of tech professionals, combined with a limited housing supply. As a result, the current median rent for the region stands at around $3,200 per month, reflecting the competitive nature of the local rental market.

Apartment listings

Below are some recent listing examples.

The Fillmore Center

• Type: studio/1 bath

• SF: 497

• Cost: $2,322 

L Seven

• Type: 1 bed/1 bath
• SF: 564 sq ft
• Cost: $2,925

Windsor at Dogpatch

• Type: 2 bed/2 bath
• SF: 942
• Cost: $3,780

Sunnyvale

Cherryhill

• Type: 3 bed/2 bath
• SF:1088 sq ft
• Cost: $4,200 

Spruce

• Type: Studio/1 bath
• SF: 416 sqft
• Cost: $2,577 

 

Cupertino

Glenbrook Apartments

• Type: 1 bed/1 bath
• SF: 600
• Cost: $2,945 

The Hamptons

• Type: 2 bed/2 bath
• SF: 978
• Cost: $3,875

(Data sourced from Apartments.com)