san jose Multifamily Market Report
By CREhunt Research · Data through Q1 2026 · Aggregated from Marcus & Millichap, Lee & Associates
Quarterly multifamily market indicators for san jose, aggregated by CREhunt from Marcus & Millichap, Lee & Associates. As of Q1 2026, average asking rent was $3,438.00/unit/mo and vacancy was 3.5%, per Marcus & Millichap.
Projected current multifamily pricing — san jose
Modeled estimate (income approach) shown as a range — not an appraisal. No market-specific cap rate is published for san jose multifamily yet, so this applies the typical cap rate across comparable multifamily markets — treat it as a rough, indicative range that sharpens as sourced cap rates arrive. Projected asking rent × occupancy × net-operating-income margin band ÷ a benchmark cap rate, from Q1 2026 Marcus & Millichap asking-rent data (benchmark cap rate 5.1%–6.0%, asking rent held flat). Assumes ~97% occupancy and a 52–65% net-operating-income margin.
| Quarter | Asking rent | Vacancy | Net absorption | Under constr. | Source |
|---|---|---|---|---|---|
| Q1 2026 Marcus & Millichap | $3,438.00/unit/mo | 3.5% | — | — | Marcus & Millichap |
| Q3 2020 Lee & Associates | $1,591.00/unit/mo | 4.4% | — | — | Lee & Associates |
Frequently asked questions
- What is the average asking rent for multifamily space in san jose?
- As of Q1 2026, the average asking rent for multifamily space in san jose was $3,438.00/unit/mo, per Marcus & Millichap.
- What is the multifamily vacancy rate in san jose?
- The multifamily vacancy rate in san jose was 3.5% as of Q1 2026 (Marcus & Millichap).
- Where does CREhunt's san jose market data come from?
- This report aggregates quarterly multifamily market data for san jose from Marcus & Millichap, Lee & Associates.