Silicon Valley rents to rise as much as 7% over the next year: CoStar

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Silicon Valley’s artificial intelligence frenzy is minting apartment landlords as winners in the boom alongside startup founders and venture capital firms. Multifamily vacancy across Santa Clara and San Benito counties is projected to fall to roughly 3 percent over the next two years, making it one of the tightest rental markets the region has seen in more than a decade, the Silicon Valley Business Journal reported, citing CoStar data. The tightening imbalance between supply and demand is expected to give landlords significant pricing power as a fresh wave of AI-fueled hiring and investment reshapes the region’s housing market. Average rents [...] This article originally appeared on The Real Deal. Click here to read the full story.