Ask anyone what Bay Area city has the highest rent and the answer has almost always been San Francisco. But, it appears that just changed.
A new report shows Mountain View is now the most expensive city in the region to rent a one-bedroom apartment.
The city saw a nearly 24% increase in rents compared to the year before. One reason? Experts said more high tech companies are requiring employees to head back to the office.
“This is the first time Mountain View has surpassed San Francisco,” said Crystal Chen of Zumper.
A new report from the company showed Mountain View had the highest average in January with the median price of $3,130 for a one-bedroom.
San Francisco has the second highest rents in the Bay Area.
For some perspective, the median price for a one-bedroom apartment in San Jose is $2,530 and the most affordable city is Vallejo where the median rent is $1,600.
So, why is Mountain View suddenly seeing the spike? Companies, particularly Google may be playing a role.
“I think with big tech companies having return to work policies a lot of those workers are coming back to California and moving down to the Peninsula which creates demand and drives up prices,” said Chen.
Other factors could be that most of the new units in Mountain View are luxury apartments.
Derrick D’Acolatse, owner of Legacy Property Management Silicon Valley said our economic climate is also keeping people from buying homes. Meaning more are looking to rent.
“I believe interest rates are having an impact on rental increases on prices,” he said.
And with more demand, and limited supply, renters may be looking at bidding wars.
“People are willing to pay $100 to $200 a month over asking price just to get a property,” said D’Acolatse.
With many apartments in the city renting in a week or less.
Which is why property managers said if you want to rent in Mountain View, you may want to submit an application first and then go look at the unit because you may have to compete against dozens of other potential renters.
Rent is rising in a lot of cities in the Bay Area, but the place shooting up the most is Mountain View. This is according to a new report from Zumper that said the average price for a one-bedroom apartment is $3,100. NBC Bay Area’s Raj Mathai spoke to Crystan Chen of Zumper for some insight.
FAQs
The report found that the median asking price for one-bedroom apartments in Mountain View was $3,620 last month, while the price for two-bedroom rentals was $4,280, according to Zumper, an online rental search marketplace. The findings put Mountain View well above other cities.
What is the richest neighborhood in Mountain View? ›
Miramonte Springer
With a median home price of $3,801,874 and a median rent of $2,617, Miramonte Springer is the most expensive neighborhood on our list. Based on the growth in home prices in Miramonte Springer over the last 3 years, it ranks No. 1 among all the neighborhoods in Mountain View.
What is the most expensive city to rent an apartment? ›
Most & Least Expensive Large Metros for Renters
| Top Metros | Median Rent |
|---|
| 1. San Jose-Sunnyvale-Santa Clara, CA | $3,451 |
| 2. San Diego-Chula Vista-Carlsbad, CA | $3,175 |
| 3. San Francisco-Oakland-Berkeley, CA | $3,141 |
| 4. Los Angeles-Long Beach-Anaheim, CA | $2,777 |
11 more rowsNov 20, 2023
Of the fifteen markets that had the largest rent increase in Q1 2024. Out of the 755 rental markets analyzed in this report, Iowa City, IA tied with La Quinta, CA for the largest year-over-year rent increase of 33%, followed by Kokomo, IN (29%).
Is Mountain View a wealthy area? ›
Mountain View, Calif.
The city has a median household income of $157,243, while just over 70% of the residents have a household income higher than $100,000, according to census data. A primary reason for the amount of wealth in this community is that most residents work at one of the nearby tech companies.
Is 200k a good salary in Mountain View CA? ›
A good salary in Mountain View, CA is anything over $100,000. That's because the median income in Mountain View is $100,000, which means if you earn more than that you're earning more than 50% of the people living in Mountain View. The average salary in Mountain View is $122,074.
What is a good salary in Mountain View CA? ›
Mountain View Ca Salary
| Annual Salary | Weekly Pay |
|---|
| Top Earners | $273,500 | $5,259 |
| 75th Percentile | $218,000 | $4,192 |
| Average | $165,527 | $3,183 |
| 25th Percentile | $112,000 | $2,153 |
Mountain View is one of the major cities that make up Silicon Valley, and has many notable Silicon Valley companies either headquartered there or with a large presence. As of 2024, major tech companies such as Google and Intuit were headquartered in Mountain View.
What is the cost of living in Mountain View, California? ›
What is the average cost of living in Mountain View, CA? - Quora. That comes out to about $3750 a month. However it assumes a fairly frugal lifestyle. The following is based on my experience so far.
What is the number 1 most expensive city to live in? ›
1. Zurich (tie with Singapore) Two locales shared the title of this year's most expensive city: Zurich and Singapore.
The most expensive rental market in the US remains to be New York. The average monthly rent for a one-bedroom is roughly $3,260. This is about a $500 decrease from 2021, however as demand continues to increase prices are likely to follow.
What is the most expensive city to rent in? ›
San Francisco, CA
San Francisco still holds the crown as the most expensive rental market in the country. On average, renters pay around $4 per square foot, which is more than double the national average of $1.86.
What state has the most expensive rent right now? ›
Hawaii ranked as the state with the highest average rent, according to doxo. In a separate 2023 doxo report, Hawaii was also determined to be the most expensive U.S. state based on the average cost of household bills.
Is rent coming down in California? ›
Rents across Southern California are dropping, while Northern California rents are rising. Map shows rising rents in most Northern California counties and falling rents in most Southern California counties.
Which US state has the highest rent? ›
States with the Highest Average Rent
| Rank | State | Average Monthly Rent |
|---|
| 1 | Hawaii | $2,418 |
| 2 | California | $1,958 |
| 3 | District of Columbia | $1,901 |
| 4 | New Jersey | $1,850 |
1 more rowNov 15, 2023
A home in Mountain View has claimed the top home sale price in 2022, selling for $5.4 million. (Photos done by Dream Home Images, Inc.) PUBLISHED: May 23, 2022 at 1:05 p.m. | UPDATED: May 24, 2022 at 10:46 a.m. A modern home in Mountain View has claimed the top home sale price in 2022 so far, selling for $5.4 million.
What is the average price of housing in Mountain View CA? ›
Median Sold Price
Summary: The median home sold price in Mountain View was $1,800,000 in March 2024, up 4.7% from last year, and the median price per square foot was $1,150.
Is Mountain View a good area to live? ›
Mountain View is a town in California with a population of 82,132. Mountain View is in Santa Clara County and is one of the best places to live in California. Living in Mountain View offers residents an urban feel and most residents rent their homes.
