Layoffs and hiring freezes by the tech giants in Silicon Valley have not put a dent in multifamily demand in the San Jose Metro because these cutbacks don't reflect the area's overall labor market, which is still strong.
According to a new Q2 2023 multifamily market report from Marcus & Millichap, Silicon Valley is maintaining the Bay Area's lowest apartment vacancy rate, realigning with its historical pre-pandemic average.
"Although net apartment absorption has slowed nationally due to a flattening economy, the stability of Silicon Valley's labor market helped sustain demand and moderated upward pressure on availability," Marcus & Millichap said.
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