How Google’s campus extension in San Jose downtown will affect the rental market

In San Jose the average rent for apartments is $2,475 as of summer of 2017, according to RentCafe. If you are planning to rent a studio apartment, you can expect to pay about $1,784/month. One bedroom apartments cost around $2,279 while it costs around $2,762 for an apartment with two bedrooms. The YoY growth is at 0% except for the 2-bad rentals that dropped some 2%. Cambrian Park is one of the most affordable neighborhood with an average rent of $1,992/month, followed by Burbank with an average rent of $2,255/month and North Valley with an average rent of $2,292/month. On the other end of the spectrum is Blossom Valley and Downtown, considered to be the most expensive neighborhoods for renting.

With Google’s expansion plans to downtown San Jose, speculative investment are on the rise which will for sure affect the local housing market. It is expected that this expansion would increase the value of the properties in San Jose and that includes raise of rental prices as well, considering how the values of homes and rental prices increased when Facebook moved their campus to Menlo Park and when Google first established their headquarters at the Mountain View.

Source: Business Journal & MYND

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