Fayette Arms
2680 Fayette Dr,
Mountain View, CA 94040
1-2 Beds | $2,382 - $2,998
Rental Market Trends in Palo Alto, CA
What is the average rent in Palo Alto, CA?
$2,814/month
Average Rent
639 Sq Ft
Average Apartment Size
+2.2%
Increase in the Last Year
As of December 2024, the average rent in Palo Alto, CA is $2,814 per month. This is 80% higher than the national average rent price of $1,560/month, making Palo Alto one of the most expensive cities in the US. When you rent an apartment in Palo Alto, you can expect to pay about $2,584 per month for a studio, $2,814 for a one-bedroom apartment, and around $3,654 for a two-bedroom apartment. If you opt for a three-bedroom rental, you could pay $4,541 or more.
Floor Plan Type
Average Rent
Average Sq Ft
Floor Plan Type
Average Rent
Average Sq Ft
Floor Plan Type
Average Rent
Average Sq Ft
Floor Plan Type
Average Rent
Average Sq Ft
How much has average rent changed in Palo Alto, CA?
In the past year, rent has increased by 2.2%, which averages out to $64 more per month.
Market Trends Over Time
The chart below compares average rent prices to the previous year during the same time period.
Last Updated December 2024
Legend
2023
2024
Rent Ranges in Palo Alto, CA
Last Updated December 2024
Above $2,000
Most rental prices fall within this range
Percentage*
Rent Range
0%
Below $700/month
1%
$700 - $1,000/month
1%
$1,001 - $1,500/month
8%
$1,501 - $2,000/month
90%
Above $2,000/month
Rent by Neighborhood
Last Updated Today
What are the most affordable neighborhoods in Palo Alto?
Based on current rent prices, Adobe Meadows, Duveneck-St Francis and St Claire Gardens are the most affordable neighborhoods in Palo Alto.
Neighborhood
Average Rent
Average Sq Ft
What are the most expensive neighborhoods in Palo Alto?
Based on current rent prices, Downtown Palo Alto, Palo Alto Orchards and Green Acres are the most expensive neighborhoods in Palo Alto.
Neighborhood
Average Rent
Average Sq Ft
Which Palo Alto neighborhoods have the most rentals available?
The neighborhoods in Palo Alto with the most apartments available are Crescent Park, Downtown Palo Alto and Midtown Palo Alto .
Neighborhood
Average Rent
Average Sq Ft
What salary do I need to live comfortably in Palo Alto, CA?
Because the average rent in Palo Alto is $2,814, you’ll want to make about $9,380 per month or $112,560 per year. The general guideline is to pay no more than 30 percent of your monthly income on rent. However, you’ll want to consider additional factors, such as your monthly bills and other expenses. Use our rent affordability calculator to help determine how much to budget for rent.
How does Palo Alto, CA compare to other nearby cities and neighborhoods?
Use the tool below to compare Palo Alto, CA to other nearby cities and neighborhoods. The Apartments.com neighborhood guides provide you with insight into the area’s transportation, things to do, and more.
Studio
-
$2,915/month
One Bedroom
-
$3,159/month
Two Bedroom
-
$4,676/month
Three Bedroom
-
$9,153/month
Nearby City Rent Trends
Apartment communities in Palo Alto we think you'll love
Property Management Companies in Palo Alto, CA
Spieker Companies, Inc.
-
46
Communities
-
3,055
Units
-
14
Cities
13 Communities in Palo Alto
FPI Management
-
598
Communities
-
104,040
Units
-
215
Cities
5 Communities in Palo Alto
BLVD Residential
-
72
Communities
-
6,644
Units
-
33
Cities
3 Communities in Palo Alto
Prometheus Real Estate Group, Inc.
-
40
Communities
-
11,233
Units
-
12
Cities
3 Communities in Palo Alto
Greystar
-
3,191
Communities
-
884,840
Units
-
829
Cities
2 Communities in Palo Alto
UDR
-
168
Communities
-
57,718
Units
-
86
Cities
2 Communities in Palo Alto
Cushman & Wakefield
-
550
Communities
-
135,507
Units
-
276
Cities
1 Community in Palo Alto
AMC
-
650
Communities
-
128,259
Units
-
248
Cities
1 Community in Palo Alto
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Methodology
† Rent data is provided by CoStar Group’s Market Trend reports. As the industry leader in commercial real estate information, analytics, and news, CoStar conducts extensive research to produce and maintain a comprehensive database of commercial real estate information. We combine this data with public record to provide the most up-to-date rental information available.
* Percentages may not total 100 due to rounding.