Housing Affordability

Average Rental Rates

Santa Clara & San Mateo Counties, San Francisco, California, and the United States

Data Source:

Zillow Real Estate Research

Altos Research

Analysis:

Silicon Valley Institute for Regional Studies

Data are from the Zillow Real Estate Research, Zillow Observed Rent Index (ZORI, as of January 2021), and include all homes plus multifamily housing. ZORI is a smoothed average of observed market rents, and is weighted to include the entire housing stock (not just what is listed on the market). California is calculated as the average of all California MSA ZORIs included in the dataset: San Francisco, San Jose, Ventura, Los Angeles-Long Beach-Anaheim, San Diego, Riverside, Sacramento, Fresno, and Bakersfield. San Francisco is the average ZORI of the available 14 San Francisco zip codes; Santa Clara County (21 zip code-average), and San Mateo County (10 zip code-average). Percent change in the consumer price index is based on October 2019 through October 2020, except rental rates for the U.S. which are based on November 2019 through November 2020, including multifamily complexes with five or more un; they have been inflation-adjusted and are reported in 2020 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, 2020 estimate based on January-August, the California consumer price index for all urban consumers from the California Department of Finance May Revision Forecast (April 2020) 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. Average Apartment Rental Rates by MSA data are from Zillow Real Estate Research, and include the Zillow Observed Rent Index (ZORI) for all homes plus multifamily housing in 2020 (through November). Median Rental Rates for single family residences and apartments are from Altos Research.

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