Rent Prices 'Decreasing Everywhere' Except For This One California City

California is certainly not among the cheapest states to live in America. While some places are less expensive to inhabit than others, there is one location where rent continues to increase city-wide. According to a data analysis report shared by Realtor.com, while the rest of the nation (for the most part) experiences a decrease in rent, San Jose's average rental prices are only increasing.

"In May 2023, the median rent in the West was 3.0% lower than a year ago. San Jose, CA (1.0%) was the only large western metro seeing rent growth, but the growth rate was only one twentieth of what it was a year ago (19.3%). In contrast, rents in populous northeastern metros such as New York, NY (6.8%), Pittsburgh, PA (3.8%), and Boston, MA (3.3%)continued to experience faster growth."

While the majority of rental prices for two-bedroom units saw a large decrease throughout the Western and Southern regions of the U.S., the Northeast and Midwest saw a slight rise. This phenomenon is directly correlated to unemployment rates.

"Although the unemployment rate in the West was similar to that of the Northeast in April 2022, standing at 3.4%, its labor market did not recover as strongly as its northeastern counterparts. As of April 2023, the West still experienced a relatively high unemployment rate of 3.4%. As a result, the stronger labor market in the Northeast may contribute to an increased demand for rentals, making it more competitive compared to the rental market in the West."

Here's what Realtor.com had to say about compiling the data to discover the apparent increase and decrease in rental properties across the U.S. from 2022 to 2023:

"Rental data as of May for studio, 1-bedroom, or 2-bedroom units advertised as for-rent on Realtor.com®. Rental units include apartments as well as private rentals (condos, townhomes, single-family homes). We use rental sources that reliably report data each month within the top 50 largest metropolitan areas. Realtor.com® began publishing regular monthly rental trends reports in October 2020 with data history stretching back to March 2019."

To read more from the report visit realtor.com.