Redwood City Most Expensive in Country for Studio Apartments, Top 5 for One & Two Bedrooms
June 12, 2019
In a recent Apartment Guide report, which analyzed May 2019 rental inventory on apartmentguide.com, Redwood City ranked as the most expensive city in the country to rent a studio apartment, and among the top 5 most expensive cities for a 1 or 2 bedroom.
Yes, you read that correctly… It costs more to rent a studio apartment in Redwood City, which only fully outgrew its “Deadwood City” nickname a handful of years ago, than it does in San Francisco or New York City. Even historically pricier Peninsula cities like Palo Alto and Menlo Park trail Redwood City on these lists.
The report shows that an average studio apartment in Redwood City runs $3,361.65, ahead of 2nd place San Francisco by about $6. For a 1 bedroom home, Redwood City is ranked as the 4th most expensive city, at $3,794.36. And for a 2 bedroom, 5th place, at $4,784.86.
Interestingly, after registering top 5 in most expensive cities for studio, 1 bed and 2 bed apartments, Redwood City failed to crack the top 50 for 3 bedroom apartments. This seems a bit conspicuous, as does Palo Alto and Menlo Park being left off the list entirely for studio apartments. Still, faulty methodology or not, it is truly remarkable to see Redwood City at the top of this list.
It’s headlines like this that put into perspective just how much growth we have seen in this town over such a short period of time. While all cities across Silicon Valley and the greater Bay Area have seen huge jumps in rents/home prices over the past several years, Redwood City’s growth has stood out. This of course, is largely due to the 2011 Downtown Precise Plan, which fast tracked a tidal wave of commercial and residential development in the downtown area, forever changing the identity of this traditionally blue-collar suburban community. Now, just 8 short years later, we’re one of the top 5 most expensive cities in the country. Is this what city council had in mind?