12 people compete for every rental unit in Silicon Valley, new study says

At least 12 people are competing for every residential rental unit in Silicon Valley, according to a recent mid-year study of apartment markets nationwide.

Rental listing site RentCafe placed the California tech capital as the sixth most competitive rental market in the country and the most competitive in the state, with a score of 80.8%.

RentCafe ranked each area’s score based on five metrics averaged from January through March 2024: apartment occupancy rate, average total days an apartment unit was vacant...