Housing Affordability

Average Multifamily Rental Rates

Silicon Valley, San Francisco, California, and the United States

Average Monthly Apartment Rental Rate

Bay Area (December 2023)

Percent Change in Multifamily Rental Rates

2022-232019-23
Silicon Valley-1%-10%
San Francisco-4%-22%
California-3%-5%
United States0%+1%

Data Source:

CBRE

Analysis:

CBRE

Silicon Valley Institute for Regional Studies

Data are from CBRE, and include average rental rates for multifamily housing (residential structures with more than one dwelling unit in the same building). Silicon Valley includes the city-defined region, excluding Union City. Rental rates are rounded to the nearest $10. They have been inflation-adjusted and are reported in 2023 dollars using the Bay Area consumer price index for all urban consumers from the Bureau of Labor Statistics for Silicon Valley and San Francisco data, 2023 estimate based data through October the California consumer price index for all urban consumers from the California Department of Finance May Revision Forecast (April 2023) for California data, and the U.S. city average consumer price index for all urban consumers from the Bureau of Labor Statistics based on January through October data. Silicon Valley average rental rates represent an unweighted average of Santa Clara and San Mateo County sub-markets; California rental rates are an average of all available CBRE California submarkets (San Jose, Los Angeles, Oakland, Orange County, Riverside, Sacramento, San Diego, San Francisco, and Ventura).

These charts do not have any footnotes.

Resources for Relevant Data and Reports (show)

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