Palo Alto, CA Rental Market Trends
Highlights
The average rent for an apartment in Palo Alto is $3,347, a 4% increase compared to the previous year, when the average rent was $3,211.
Average Rent in Palo Alto, CA
| Average Rent | Y-o-Y Change | Average Apartment Size |
|---|---|---|
| $3,347 | 4% | 823 sq. ft. |
The average size for a Palo Alto, CA apartment is 823 square feet, but this number varies greatly depending on unit type, with cheap and luxury alternatives for houses and apartments alike. Studio apartments are the smallest and most affordable, 1-bedroom apartments are closer to the average, while 2-bedroom apartments and 3-bedroom apartments offer a more generous square footage.
Palo Alto, CA Apartment Rent Ranges
- $1,001-$1,5001%
- $1,501-$2,0007%
- > $2,00092%
Palo Alto, CA Occupied Housing Units
- Renter-occupied Households33%
- Owner-occupied Households66%
8,724 or 33% of the households in Palo Alto, CA are renter-occupied while 17,488 or 66% are owner-occupied.
Palo Alto, CA Rent Trends
| Average Rent | Mar / 2017 | Jul / 2017 | Nov / 2017 | Mar / 2018 | Jul / 2018 | Nov / 2018 | Mar / 2019 | Jul / 2019 | Nov / 2019 | May / 2020 |
|---|---|---|---|---|---|---|---|---|---|---|
| Palo Alto, CA | $2,980 | $3,156 | $3,050 | $3,036 | $3,034 | $3,163 | $3,211 | $3,332 | $3,285 | $3,347 |
| National | $1,337 | $1,368 | $1,371 | $1,374 | $1,408 | $1,417 | $1,422 | $1,458 | $1,466 | $1,468 |
Average Rent in Palo Alto, CA By Neighborhood
| Neighborhood | Average Rent |
|---|---|
| Triple El | $2,836 |
| The Greenhouse | $2,836 |
| Palo Verde | $2,836 |
| Leland Manor | $2,836 |
| Garland Park | $2,836 |
| Embarcadero Oaks | $2,836 |
| East Palo Alto | $2,836 |
| Duveneck - St Francis | $2,836 |
| Charleston Gardens | $2,836 |
| Adobe Meadow - Meadow Park | $2,836 |
| Midtown Palo Alto | $2,985 |
| Walnut Grove | $3,480 |
| Ventura | $3,480 |
| St. Claire Gardens | $3,480 |
| Southgate | $3,480 |
| South of Midtown | $3,480 |
| San Alma | $3,480 |
| Palo Alto Orchards | $3,480 |
| Palo Alto Gardens | $3,480 |
| Monroe Park | $3,480 |
| Mayfield | $3,480 |
| Greenmeadow | $3,480 |
| Greendell | $3,480 |
| Green Acres | $3,480 |
| Greater Miranda | $3,480 |
| Fairmeadow | $3,480 |
| Evergreen Park | $3,480 |
| Esther Clark Park | $3,480 |
| Charleston Meadows | $3,480 |
| University South | $3,682 |
| Professorville | $3,682 |
| Old Palo Alto | $3,682 |
| Downtown North Palo Alto | $3,682 |
| Crescent Park | $3,682 |
| Community Center | $3,682 |
| College Terrace | $3,867 |
| Barron Park | $3,867 |
| Palo Alto Hills Golf and Country Club | $4,069 |
| Foothills Open Space Preserve | $4,069 |
The most affordable neighborhoods in Palo Alto are Adobe Meadow - Meadow Park, where the average rent goes for $2,836/month, Charleston Gardens, where renters pay $2,836/mo on average, and Duveneck - St Francis, where the average rent goes for $2,836/mo. If you’re looking for other great deals, check out the listings from East Palo Alto ($2,836), Embarcadero Oaks ($2,836), and Garland Park ($2,836), where the asking prices are below the average Palo Alto rent of $3,347/mo.
The most expensive neighborhoods in Palo Alto are College Terrace ($3,867), Foothills Open Space Preserve ($4,069) and Palo Alto Hills Golf and Country Club ($4,069).
The most popular neighborhood in Palo Alto is University South, where there are 8 verified RENTCafé listings with an average rent of $3,682. Next up is Ventura, where apartments go for $3,480/month, followed by Downtown North Palo Alto with $3,682 If you’re looking to rent in Palo Alto’s most popular neighborhoods, make sure to also check out Midtown Palo Alto, where renters pay $2,985 on average, and Barron Park, where the average monthly rent is $3,867.
Palo Alto | Rent Comparison by Neighborhood
Rent in Adobe Meadow - Meadow Park is 27% lower than in Barron Park
Adobe Meadow - Meadow Park rent is 15% lower than Palo Alto average
| Average Rent | $2,836 |
|---|
Barron Park rent is 16% higher than Palo Alto average
| Average Rent | $3,867 |
|---|
How Palo Alto Compares to Other Cities
| Average Rent | Y-o-Y Change | |
|---|---|---|
| Los Angeles | $2,524 | 2% |
| San Francisco | $3,629 | n/a |
| East Bay | $2,363 | 2% |
| San Diego | $2,237 | 4% |
| Long Beach | $2,106 | 5% |
| Oakland | $2,930 | 6% |
| San Jose | $2,790 | 3% |
| Mountain View | $3,291 | 2% |
| Sunnyvale | $3,016 | 4% |
| Palo Alto | $3,347 | 4% |
| San Mateo | $3,357 | 5% |
For more information about the Palo Alto rental trends, check out our monthly rent report
Check out California Cities, California Neighborhoods and California Zip Codes for more details on verified listings, including the California Average Rent.
Curious about listings in your area? Check out our apartments near you for more details!