Palo Alto, 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 Palo Alto, California rental market.
Palo Alto, California
Average Apartment Rent
$3,604
Y-o-Y Change in Average
Apartment Rent
5.6%
As of November 2024
Compared to a year ago, Palo Alto, California apartments have recorded a 5.6% rent increase.
Palo Alto, California Average apartment rent trend
Palo Alto, California Average Apartment Rent
Palo Alto, California Housing tenure**
Renters take up 44% of Palo Alto, California real estate, occupying a total of 11,477 units, while homeowners live in 14,587 properties.
Median number of rooms of renter-occupied housing units**
3.7
Renter median household income**
$158,266
Average household size of renter-occupied housing units**
2.39
Rental vacancy rate**
8%
Palo Alto, California Renter-occupied housing units by no. of bedrooms**
There are 4,139 rentals in Palo Alto, California with 2 beds making up the highest share of the market, at 36%. Units with 5 or more beds, on the other hand, hold the lowest percentage (2%), amounting to 209 units. Overall, the median number of rooms in Palo Alto, California homes for rent is 3.7.
Palo Alto, California Renter-occupied units by age of householder**
Most condos for rent in Palo Alto, California are occupied by residents in the 25 - 34 years age group (27%), followed by those in the 35 - 44 years age group (21%). At the same time, people in the 15 - 24 years age group make up the lowest share of the local rental market – 4%.
Palo Alto, California Renter-occupied housing units by family type**
Palo Alto, California Renter-occupied housing units by the presence of own children**
A total of 6,239 apartments for rent in Palo Alto, California, or 54% of all rentals are family households. Additionally, 33% of rental homes include children under the age of 18 – that’s 3,835 units. All in all, the median size of a renter-occupied household in Palo Alto, California is 2.39.
Palo Alto, California Renter-occupied housing units by educational attainment**
In terms of education, renters holding bachelor degrees or higher make up 81% of the rental market. In contrast, residents with less than a high school degree reside in 3% of the homes for rent in Palo Alto, California.
Palo Alto, California Renter-occupied units by year structure built**
The highest share of Palo Alto, California apartment rentals, namely 20% or 2,245 units, were Built 1950 - 1959, followed by those Built 1960 - 1969 (18%, 2,012 units), and the ones Built 1970 - 1979 (16%, 1,869 units).
Palo Alto, California Renter-occupied units by year householder moved in**
Median year renter moved into unit 2017
Most Palo Alto, California renters (43%) moved in 2010 to 2017, while only 2% of them moved in 1989 or earlier. Overall, the median year renters have occupied their Palo Alto, California condos for rent is 2017.
Palo Alto, California Renter-occupied housing units by vehicles available**
When it comes to transportation options, 49% of Palo Alto, California renters have 1 vehicle available per household, 30% of them have 2 vehicles available, and 14% have No vehicle available.
Palo Alto, California Means of transportation to work of householders living in renter-occupied housing units**
Palo Alto, 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 Palo Alto, 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
