Palo Alto, CA Rental Market Trends
Highlights
The average rent for an apartment in Palo Alto is $2,940, a 11% decrease compared to the previous year, when the average rent was $3,285.
Average Rent in Palo Alto, CA
| Average Rent | Y-o-Y Change | Average Apartment Size |
|---|---|---|
| $2,940 | -11% | 822 sq. ft. |
The average size for a Palo Alto, CA apartment is 822 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-$2,00010%
- > $2,00090%
Palo Alto, CA Occupied Housing Units
- Renter-occupied Households33%
- Owner-occupied Households66%
8,772 or 33% of the households in Palo Alto, CA are renter-occupied while 17,389 or 66% are owner-occupied.
Palo Alto, CA Rent Trends
| Average Rent | Mar / 2018 | Jul / 2018 | Nov / 2018 | Mar / 2019 | Jul / 2019 | Nov / 2019 | Mar / 2020 | Jul / 2020 | Feb / 2021 |
|---|---|---|---|---|---|---|---|---|---|
| Palo Alto, CA | $3,036 | $3,034 | $3,163 | $3,211 | $3,332 | $3,285 | $3,347 | $3,234 | $2,940 |
| National | $1,311 | $1,342 | $1,351 | $1,356 | $1,388 | $1,395 | $1,397 | $1,389 | $1,392 |
Average Rent in Palo Alto, CA By Neighborhood
| Neighborhood | Average Rent |
|---|---|
| Foothills Open Space Preserve | $3,617 |
| Palo Alto Hills Golf and Country Club | $3,617 |
| Barron Park | $3,411 |
| College Terrace | $3,411 |
| Community Center | $3,193 |
| Crescent Park | $3,193 |
| Downtown North Palo Alto | $3,193 |
| Old Palo Alto | $3,193 |
| Professorville | $3,193 |
| University South | $3,193 |
| Charleston Meadows | $3,017 |
| Esther Clark Park | $3,017 |
| Evergreen Park | $3,017 |
| Fairmeadow | $3,017 |
| Greater Miranda | $3,017 |
| Green Acres | $3,017 |
| Greendell | $3,017 |
| Greenmeadow | $3,017 |
| Mayfield | $3,017 |
| Monroe Park | $3,017 |
| Palo Alto Gardens | $3,017 |
| Palo Alto Orchards | $3,017 |
| San Alma | $3,017 |
| South of Midtown | $3,017 |
| Southgate | $3,017 |
| St. Claire Gardens | $3,017 |
| Ventura | $3,017 |
| Walnut Grove | $3,017 |
| Midtown Palo Alto | $2,609 |
| Adobe Meadow - Meadow Park | $2,486 |
| Charleston Gardens | $2,486 |
| Duveneck - St Francis | $2,486 |
| East Palo Alto | $2,486 |
| Embarcadero Oaks | $2,486 |
| Garland Park | $2,486 |
| Leland Manor | $2,486 |
| Palo Verde | $2,486 |
| The Greenhouse | $2,486 |
| Triple El | $2,486 |
The most affordable neighborhoods in Palo Alto are Adobe Meadow - Meadow Park, where the average rent goes for $2,486/month, Charleston Gardens, where renters pay $2,486/mo on average, and Duveneck - St Francis, where the average rent goes for $2,486/mo. If you’re looking for other great deals, check out the listings from East Palo Alto ($2,486), Embarcadero Oaks ($2,486), and Garland Park ($2,486), where the asking prices are below the average Palo Alto rent of $2,940/mo.
The most expensive neighborhoods in Palo Alto are College Terrace ($3,411), Foothills Open Space Preserve ($3,617) and Palo Alto Hills Golf and Country Club ($3,617).
The most popular neighborhood in Palo Alto is University South, where there are 64 verified RENTCafé listings with an average rent of $3,193. Next up is Ventura, where apartments go for $3,017/month, followed by Downtown North Palo Alto with $3,193 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 $2,609 on average, and Barron Park, where the average monthly rent is $3,411.
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 | $2,486 |
|---|
Barron Park rent is 16% higher than Palo Alto average
| Average Rent | $3,411 |
|---|
How Palo Alto Compares to Other Cities
| Average Rent | Y-o-Y Change | |
|---|---|---|
| Los Angeles | $2,354 | -6% |
| San Francisco | $2,999 | -18% |
| East Bay | $2,307 | -2% |
| San Diego | $2,179 | -2% |
| Palo Alto | $2,940 | -11% |
| Long Beach | $2,155 | 2% |
| San Jose | $2,485 | -10% |
| Oakland | $2,705 | -8% |
| Sunnyvale | $2,590 | -14% |
| Mountain View | $2,795 | -16% |
| San Mateo | $2,845 | -15% |
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!