How does the rental market affected or not affected by all the rising mortgage interest rates and inflation? As you can see in the charts below for Palo Alto and Los Alto cities, Santa Clara and San Mateo counties, the rental demands are holding up and remaining strong in 2022.
Subscribe and stay tuned for more trend postings for other cities and counties. If you are interested to see similar trends in specific cities or if there are other trends that would be useful for your planning, let us know! We are here to help you make the best data-driven decision.
City: Palo Alto
January 2018 to September 2022
3-4 bedroom Single Family Homes
----- Median Rent $6,850 to $6,800 ----- Median Days to Leased 20 to 19 Days More or less the same rent across these years, except for year 2020 during the height of the pandemic. |  |
2-3 bedroom Townhomes and Condos
----- Median Rent $4,800 to $4,300, lowest level in 2020 at the height of the pandemic ----- Median Days to Leased 36 to 14 Days, took the longest time to lease in year 2020, the height of the pandemic. As interest rates rise, more people are looking for rentals, driving down the number of days to leased. |  |
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City: Los Altos
January 2018 to September 2022
3-4 bedroom Single Family Homes
----- Median Rent $7,500 to $7,000, lowest level in 2020 at the height of the pandemic ----- Median Days to Leased 11 to 9 Days |  |
2-3 bedroom Townhomes and Condos
----- Median Rent $4,250 to $4,000
----- Median Days to Leased 11 to 32 Days Overall, there are not that many Los Altos condos/townhomes for rent relative to other cities. Data could be skewed due to low inventory and volume of transactions. |  |
County: Santa Clara
January 2018 to September 2022
3-4 bedroom Single Family Homes
----- Median Rent $4,298 to $4,400, slight trending up across the years ----- Median Days to Leased 21 to 15 Days, taking fewer days to lease as more people are preferring to rent due to high mortgage interest rates |  |
2-3 bedroomTownhomes and Condos
-----Median Rent $3,298 to $3,300, more or less the same across the years ----- Median Days to Leased 25 to 19 Days, faster to lease as more people looking for rentals due to rising mortgage interest rates |  |
County: San Mateo
January 2018 to September 2022
3-4 bedroom Single Family Homes
----- Median Rent $4,950 to $5,000, more or less the same across the years ----- Median Days to Leased 22 to 16 Days, faster to lease as more people looking for rentals due to rising mortgage interest rates |  |
2-3 bedroomTownhomes and Condos
----- Median Rent $3,600 to $3,700, more or less the same across the years ----- Median Days to Leased 23 to 22 Days, faster to lease as more people looking for rentals due to rising mortgage interest rates |  |
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