The rent prices in real estate in Palo Alto, in the California region have fallen considerably in the last couple of months. There has been a strong fall in the rent prices in this city.
The price per sq.feet in Palo Alto has had a strong fall during the last 6 months. In August, the average price per sq.feet was $5.02. In September this price barely changed remaining at $4.79 per sq.feet. The price for the following two months in (October, November) had a considerable fall of 79 with regard to the previous two months. The price per sq.feet has fallen 88 % in the last two months compared to the average price for the previous four months. This was obtained by comparing the first four months of the period going from a price per sq.feet of $4.39 to $3.87 during December, and January.
When referring to the price in Palo Alto (cities), this has risen in the last 6 months. In our first sample month during August, the average price is $3,654. In September This price remains at $3,596. During the following two months (October, November) the average price had a considerable rise of 115 % with regard to the previous two months. During the last two months, the average price has barely gone through any changes with regard to the previous average values going from an average value of $3,897.75 and $3,993.5 between December and January.
The graph displaying the average rent price for bedrooms illustrates that those properties with 1 bedroom are the most affordable ones. At a price of $4,007 they are 36 % more affordable than the average price for Palo Alto . The properties with the highest average price have 4 bedrooms, Their price is 64 % more expensive than the average. After that we have properties with 3 bedrooms priced at $4,788.
With regard to the average price per sq.feet, those properties with 4 bedrooms are the most affordable ones at a cost of $3.26 / sq.feet, with an average $3.96 / sq.feet price in Palo Alto. The properties with the most expensive average prices have 1 bedroom. They are 22 % more expensive than the average followed by properties with 2 bedrooms with a price at $3.55 / sq.feet.
The graph displaying the average rent prices displays the property type "House" as the most affordable one. At an cost of $4,007 it is 21 % more affordable than the average price in Palo Alto. "Townhouse" is seen as the second most affordable property type. The most expensive property type is "Condo" followed by "". At a price of $4,116 it is 20 % more expensive than the average price.
According to the average cost per sq.feet, the most affordable property is "Condo" at an average price of $3.43 / sq.feet followed by "House" priced at $4.05 / sq.feet. "Duplex" is the most expensive type of property with a $53 / sq.feet value followed by "Townhouse" with an average price of $27.2 / sq.feet.