Stats provided by RealFacts, a research company that reveals quarterly info on rental market prices report that the yearly increase in occupancy rates (percentage of available rental space that actually gets rented in a community) for Santa Clara County and the surrounding areas is the second largest in the state.
Occupancy rates that stay high despite a troubled economy are an unarguable sign of the local rental market's strength. Sunnyvale, Santa Clara, and San Jose have average rents around $1606. Here's a chart that clearly shows the way rents have gone up in Santa Clara over the years--
Silicon Valley is still a pricey place for homebuyers and renters--and most renters aren't letting the recent slip in house prices entice them into leaving rented properties. Renting still seems like a safer option for some people looking for a place to live in the area. Real estate investors might want to look into capitalizing on this opportunity--high rents and high occupancy rates make the current market prime for investing in rental properties.
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