Why Are San Jose Rents Still Rising While National Rents Fall?

San Jose–Sunnyvale–Santa Clara rents continue rising into 2026, worsening affordability in one of the priciest U.S. rental markets.
Median asking rent rose 2.5% yearly, reaching ~$3,363 for 0–2 bedroom units.
Two minimum-wage earners would need ~82 hours weekly each to afford median rent at 30% income.
National rents fell 1% yearly to ~$1,693, marking 28 straight months of declines.
Renting remains cheaper than buying monthly, though the gap is narrowing as mortgage rates ease.