Sky-high rent prices have become increasingly prevalent in Menlo Park, Silicon Valley's 'Capital of Venture Capital.' The median rent for a one-bedroom apartment has reached $3,360, a 40% increase from last year. Factors driving this surge include high demand from local tech workers, a limited housing inventory, and ongoing resistance to new multifamily developments. Nearby Redwood City mirrors these challenges, while Campbell's significant rent increase has been omitted from reports due to a lack of available inventory.
"Menlo Park's sharp rise in rent prices, with both one and two-bedroom units up over 30% in the past year, is likely driven by several intersecting factors," Crystal Chen, a spokesperson for Zumper, said in an email to SFGATE.
"Redwood City faces many of the same challenges as Menlo Park, including a limited housing supply, strong demand, and restricted space for new development as both cities have less than 20 square miles of land area," said Chen.
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