Milpitas, California Rental Market Trends
Any shifts in rent prices brought forth by the COVID-19 pandemic are not yet reflected in the statistics on this page. Please bear this in mind when referencing the data below, as it may not accurately describe the current context of the Milpitas, California rental market.
Milpitas, California
Average Apartment Rent
$3,059
Y-o-Y Change in Average
Apartment Rent
2.1%
As of November 2024
Compared to a year ago, Milpitas, California apartments have recorded a 2.1% rent increase.
Milpitas, California Average apartment rent trend
Milpitas, California Average Apartment Rent
Milpitas, California Apartment rent ranges
At 98.3%, apartments priced Over $2,000 represent the bulk of Milpitas, California rentals, while condos priced $1,500 - $2,000 hold the lowest share of the market – 1.7%.
Milpitas, California Housing tenure**
Renters take up 39% of Milpitas, California real estate, occupying a total of 9,609 units, while homeowners live in 14,786 properties.
Median number of rooms of renter-occupied housing units**
3.9
Renter median household income**
$145,469
Average household size of renter-occupied housing units**
3.04
Rental vacancy rate**
2.7%
Milpitas, California Renter-occupied housing units by no. of bedrooms**
There are 3,140 rentals in Milpitas, California with 2 beds making up the highest share of the market, at 33%. Units with No bedrooms, on the other hand, hold the lowest percentage (8%), amounting to 732 units. Overall, the median number of rooms in Milpitas, California homes for rent is 3.9.
Milpitas, California Renter-occupied units by age of householder**
Most condos for rent in Milpitas, California are occupied by residents in the 25 - 34 years age group (34%), followed by those in the 35 - 44 years age group (26%). At the same time, people in the 15 - 24 years age group make up the lowest share of the local rental market – 2%.
Milpitas, California Renter-occupied housing units by family type**
Milpitas, California Renter-occupied housing units by the presence of own children**
A total of 7,022 apartments for rent in Milpitas, California, or 73% of all rentals are family households. Additionally, 39% of rental homes include children under the age of 18 – that’s 3,720 units. All in all, the median size of a renter-occupied household in Milpitas, California is 3.04.
Milpitas, California Renter-occupied housing units by educational attainment**
In terms of education, renters holding bachelor degrees or higher make up 63% of the rental market. In contrast, residents with less than a high school degree reside in 9% of the homes for rent in Milpitas, California.
Milpitas, California Renter-occupied units by year structure built**
The highest share of Milpitas, California apartment rentals, namely 27% or 2,594 units, were Built 2010 - 2019, followed by those Built 1980 - 1989 (15%, 1,439 units), and the ones Built 1970 - 1979 (15%, 1,395 units).
Milpitas, California Renter-occupied units by year householder moved in**
Median year renter moved into unit 2018
Most Milpitas, California renters (39%) moved in 2018 to 2020, while only 1% of them moved in 1990 to 1999. Overall, the median year renters have occupied their Milpitas, California condos for rent is 2018.
Milpitas, California Renter-occupied housing units by vehicles available**
When it comes to transportation options, 39% of Milpitas, California renters have 1 vehicle available per household, 33% of them have 2 vehicles available, and 10% have No vehicle available.
Milpitas, California Means of transportation to work of householders living in renter-occupied housing units**
Milpitas, California Geographical mobility in the past year for householders living in renter-occupied housing units**
The rental statistics on this page were compiled using data provided by our sister company, Yardi Matrix, an apartment market intelligence solution which offers comprehensive information on all Milpitas, California apartment buildings 50 units or larger. Yardi Matrix covers ~80% of the U.S. metro area population, including over 80,000 properties and 15.2 million apartments across 124 U.S. markets.
*Average single-family rent calculated from point2homes.com data.
**Data sourced from U.S. Census Bureau; American Community Survey, 2022 American Community Survey 5-Year Estimates
