San Jose area tops U.S. in Q2 rent drop - Silicon Valley / San Jose Business Journal:

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percent from March to June, the biggest drop in the according to a reportissued Wednesday. Rents in San Francisco posted the second biggest decline in that down 2.7 percent, according to a nationa l study of rents and occupancy by . The real estatre analysis firmsaid higher-then-average unemployment rate s in the region were taking theirf toll on rental rates in the second quarter. Unemployment in Silicon Valleyhit 11.2 percent in Year-to-year, the drop in the average rent asked in the San Jose area was 8.2 percenty to an average of $1,552 a monthy and San Francisco fell by 4.6 percent to $1,544. The severitty of the drop in the San Jose markeyt varied by type of apartmentand location.
One-bedroom unitsw fell 9.9 percent to an average of $1,372 a montn from the first quarter to thesecond quarter. Two two-bathroom units were down 8 percengtto $1,812. Sunnyvale has seen the steepest year-to-year drops actual rents in the region, down 11 percent to an averagrof $1,492 a month. Santa Clara rents fell by 10.7 percent to $1,469 and Mountain View apartmentsddropped 9.8 percent to $1,562. In San which with 150 complexea has the largest supply of apartments in the the average actual rentdropped 6.4 percenft to $1,495. Occupancy in the San Jose region's apartmentx fell by 1.6 percent to 94.
8 percent in the area in the past RealFacts only surveys apartment complexes with 100 units or more nationwide and 50 unitws or more in theBay Area.