Report: Demand strong for apartments in Silicon Valley

Even with more apartments coming online this year, renters in Silicon Valley aren’t getting much relief according to RentCafe's latest Rental Market Competitiveness Report

Silicon Valley ranks #13 nationally, one of the most competitive rental markets in the U.S. in the first quarter, despite a slight dip in its overall competitiveness score (RCI) compared to last year. 

So what does that mean for those seeking an apartment in Silicon Valley right now?

• Prospective renters are competing with 11 or 12 other renters for any available apartment.
• Most units are gone in just over a month (vacancy stays low at 39 days).
• And nearly 57% of renters are choosing to stay put, locking up inventory that would otherwise turn over.

Lease renewals rose 2.7% year-over-year to 56.8%, pushing occupancy to 95.3% in areas like Mountain View, Palo Alto, and Cupertino, where more and more tech workers are heading back to the office, according to the report.

While new apartments have helped, demand is still strong and available units don’t sit on the market for long. For renters, the experience hasn’t changed much since last year: it’s still competitive, still fast-moving, and there’s very little room to hesitate.