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Palo Alto Weekly

Real Estate - June 7, 2019

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RENT ON THE RISE ... Palo Alto rents are on the rise, according to a June rent report by Apartment List. Rents have increased 0.2% over the past month, and have risen 2% compared to the same time last year, according to the report. Median rent in Palo Alto currently is $3,120 for a two-bedroom apartment, compared to the national average of $1,190. Palo Alto's year-over-year rent growth leads the state average of 1.2%, as well as the national average of 1.5%. Palo Alto isn't the only city to see a bump in rent. Compared to the same time last year, rents have increased in cities throughout Santa Clara County. According to the report, Mountain View has seen the fastest rent growth in the area, with a year-over-year increase of 3.3%. The median two-bedroom there costs $2,730. Cupertino has the most expensive rents in the area with a two-bedroom median of $5,240. The city, however, also showed the biggest rent drop in the area over the past month with a 0.5% decrease.

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