Menlo Park, California Rental Market Trends
Any shifts in rent prices brought forth by the COVID-19 pandemic are not yet reflected in the statistics on this page. Please bear this in mind when referencing the data below, as it may not accurately describe the current context of the Menlo Park, California rental market.
Menlo Park, California
Average Apartment Rent
$4,219
Y-o-Y Change in Average
Apartment Rent
0.3%
As of November 2024
Compared to a year ago, Menlo Park, California apartments have recorded a 0.3% rent increase.
Menlo Park, California Average apartment rent trend
Menlo Park, California Average Apartment Rent
Menlo Park, California Apartment rent ranges
At 99.75%, apartments priced Over $2,000 represent the bulk of Menlo Park, California rentals, while condos priced $1,500 - $2,000 hold the lowest share of the market – 0.25%.
Menlo Park, California Housing tenure**
Renters take up 44% of Menlo Park, California real estate, occupying a total of 5,101 units, while homeowners live in 6,560 properties.
Median number of rooms of renter-occupied housing units**
3.7
Renter median household income**
$127,151
Average household size of renter-occupied housing units**
2.28
Rental vacancy rate**
5.7%
Menlo Park, California Renter-occupied housing units by no. of bedrooms**
There are 1,760 rentals in Menlo Park, California with 2 beds making up the highest share of the market, at 35%. Units with 5 or more beds, on the other hand, hold the lowest percentage (1%), amounting to 44 units. Overall, the median number of rooms in Menlo Park, California homes for rent is 3.7.
Menlo Park, California Renter-occupied units by age of householder**
Most condos for rent in Menlo Park, California are occupied by residents in the 25 - 34 years age group (30%), followed by those in the 35 - 44 years age group (25%). At the same time, people in the 85 years and over age group make up the lowest share of the local rental market – 1%.
Menlo Park, California Renter-occupied housing units by family type**
Menlo Park, California Renter-occupied housing units by the presence of own children**
A total of 2,460 apartments for rent in Menlo Park, California, or 48% of all rentals are family households. Additionally, 28% of rental homes include children under the age of 18 – that’s 1,418 units. All in all, the median size of a renter-occupied household in Menlo Park, California is 2.28.
Menlo Park, California Renter-occupied housing units by educational attainment**
In terms of education, renters holding bachelor degrees or higher make up 80% of the rental market. In contrast, residents with less than a high school degree reside in 3% of the homes for rent in Menlo Park, California.
Menlo Park, California Renter-occupied units by year structure built**
The highest share of Menlo Park, California apartment rentals, namely 28% or 1,412 units, were Built 1950 - 1959, followed by those Built 1970 - 1979 (17%, 854 units), and the ones Built 1960 - 1969 (16%, 815 units).
Menlo Park, California Renter-occupied units by year householder moved in**
Median year renter moved into unit 2018
Most Menlo Park, California renters (41%) moved in 2018 to 2020, while only 1% of them moved in 1990 to 1999. Overall, the median year renters have occupied their Menlo Park, California condos for rent is 2018.
Menlo Park, California Renter-occupied housing units by vehicles available**
When it comes to transportation options, 52% of Menlo Park, California renters have 1 vehicle available per household, 25% of them have 2 vehicles available, and 16% have No vehicle available.
Menlo Park, California Means of transportation to work of householders living in renter-occupied housing units**
Menlo Park, California Geographical mobility in the past year for householders living in renter-occupied housing units**
The rental statistics on this page were compiled using data provided by our sister company, Yardi Matrix, an apartment market intelligence solution which offers comprehensive information on all Menlo Park, California apartment buildings 50 units or larger. Yardi Matrix covers ~80% of the U.S. metro area population, including over 80,000 properties and 15.2 million apartments across 124 U.S. markets.
*Average single-family rent calculated from point2homes.com data.
**Data sourced from U.S. Census Bureau; American Community Survey, 2022 American Community Survey 5-Year Estimates
