https://www.mercurynews.com/2023/04/03/in-silicon-valley-nearly-a-dozen-renters-compete-for-every-available-apartment/

The Bay Area rental market may be steadying after three years of pandemic fluctuations, but competition is heating up for Silicon Valley apartments as would-be homebuyers are squeezed by astronomical real estate prices and high interest rates on home loans.

Rental listing site RentCafe, in a new report, found that 11 renters are vying for every available South Bay apartment. That compares to a nationwide average of eight applications for each advertised rental unit.