Sky-high rent prices in the South Bay have been the norm for many years, but in one Silicon Valley city, known as the “ Capital of Venture Capital ,” these numbers are skyrocketing. The median monthly rent for a one-bedroom apartment in Menlo Park is a staggering $3,360. That’s $1,306 more than the state median and a 40% year-over-year increase for the tech-centric town of around 30,000, according to Zumper’s most recent San Francisco Bay Area Metro rent report.
“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. Some of the factors Chen highlighted include the limited housing inventory, the high demand from Silicon Valley workers and the “ongoing resistance to new multifamily development.” All of these components have created an “intense upward pressure on rents.”
Other nearby cities are not immune to these issues…