Menlo Park also ranks first in the Bay for the greatest year-over-year percentage increase in rent, up 10.6% from June 2018, the site states.
RENTCafe.com analyzes rent prices at large-scale multifamily properties of 50 or more units, and collects information about rent paid via telephone survey. Fully "affordable" properties are not included or reported in these rental rate averages. It also does not include corporate housing rates.
There are about 776 units in apartment buildings of 50 units or more in the city of Menlo Park, according to RENTCafe spokesperson Adrian Rosenberg, citing data from the U.S. Census Bureau.
When asked why Menlo Park might be outpacing its neighbors in generating ever-escalating rent prices, Rosenberg commented in an email that since the start of 2018, rent growth has picked up speed in the city after remaining largely stable in 2016 and most of 2017.
This might be attributed to strong demand from large employers and high-income renters, and exacerbated by a strong local economy and a low supply of housing units. There have been fewer than than 1,000 housing units built in the city over the last decade, and most have been high-end, he added.
The city's renter population also appears to be changing, he noted: The number of renter households has increased about 5% in five years, while median income has increased by 9%. The number of high-income renters, households earning more than $150,000 a year, has increased by 42% in the last five years, he reports.
Access the report online at is.gd/rent857 for more information.
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