San Jose is one of the few markets in the country where the price of condos is outpacing the increases in rent, making it a potentially better market for purchasing than leasing. At least that’s what Trulia is reporting. Here are their statistics, according to Trulia spokesperson Daisy Kong:
“The median listing price of a two-bedroom condo or townhome in San Jose has climbed from $250,000 in January 2011 to $350,000 in July 2011,” Kong said. “Meanwhile, rents have climbed from a range of $1,450 to $1,950 in January to a range of $1,550 and $2,050 in July.”
Even though it may be relatively cheaper to lease a San Jose Condo in the short term, when you take into account appreciation and tax breaks you may actually come out ahead. And there are plenty to choose from with a lot of current inventory at The 88, Axis and City Heights. We’ll monitor the San Jose market and report on whether these increases continue.