GITNUX MARKETDATA REPORT 2024

Statistics About The Average Rent In Palo Alto

The average rent in Palo Alto is one of the highest in the nation, typically ranging from $3,000 to $6,000 per month for a one-bedroom apartment.

Last Updated: June 23, 2024

Written & Summarized by: Jannik Lindner

How we write

In this post, we will explore the current landscape of rental housing in Palo Alto, California, through a series of key statistics. From average rent prices to vacancy rates and neighborhood trends, these insights provide a comprehensive overview of the rental market in one of Silicon Valley’s most sought-after locations.

Statistic 1

"Palo Alto's average rent increased by 5% over the last year."

Statistic 2

"Approximately 40% of Palo Alto residents are renters."

Statistic 3

"The average rent for a one-bedroom apartment in Palo Alto is $3,200 per month."

Statistic 4

"The vacancy rate for rental properties in Palo Alto stands at 4%."

Statistic 5

"Palo Alto rental market has a turnover rate of 28% annually."

Statistic 6

"The average security deposit required in Palo Alto is equivalent to one month's rent."

Statistic 7

"About 25% of all rental listings in Palo Alto are for luxury apartments."

Statistic 8

"Rent in Palo Alto is more expensive than 95% of cities in California."

Statistic 9

"The average rent for a four-bedroom house in Palo Alto is $9,200 per month."

Statistic 10

"Palo Alto's average rent for a single-family home is $7,500 per month."

Statistic 11

"The average rent per square foot in Palo Alto is $4.70."

Statistic 12

"The average rent for a studio apartment in Palo Alto is $2,800 per month."

Statistic 13

"The average monthly rent for a three-bedroom apartment in Palo Alto is $5,800."

Statistic 14

"The average cost of utilities for renters in Palo Alto is $200 per month, not included in the rent price."

Statistic 15

"The most expensive neighborhood to rent in Palo Alto is the Downtown North neighborhood, with an average rent of $6,000."

Statistic 16

"The average move-in fee for rentals in Palo Alto is $500."

Statistic 17

"The median rent price for a two-bedroom apartment in Palo Alto is $4,500 per month."

Statistic 18

"Rent prices in Palo Alto are 150% higher than the national average."

Statistic 19

"Palo Alto's average rent is among the highest in Silicon Valley."

Statistic 20

"In the past five years, rents in Palo Alto have risen by an average of 8% per year."

In conclusion, the statistics paint a clear picture of the expensive and competitive rental market in Palo Alto. With an average rent increase of 5% over the last year and rental prices higher than 95% of cities in California, it is evident that residents face significant financial challenges when it comes to housing. The turnover rate of 28% annually indicates a dynamic rental market, while the high average rents for various property types underscore the exclusivity of living in Palo Alto. Additionally, the statistics on move-in fees, security deposits, and utility costs highlight the additional financial burdens faced by renters in this affluent city.

Jannik Lindner

Jannik is the Co-Founder of Gitnux and has been working in the digital space since 2016. He is specialized in content and tech.

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