Despite a stagnant real estate market in Redwood City, rental prices are on the rise from last year, averaging $1,892 a month. There was an 8.2 percent year-to-year growth, reported the San Jose Mercury News.
The San Francisco metro area, encompassing the Peninsula, East Bay and Marin County, had the second-highest monthly rents at $1,644 among 43 metro areas surveyed by RealFacts, an apartment rental research company. The area had the third-highest year-over-year increase, at 7.6 percent.
The most expensive cities to live in, according to the report, were Palo Alto and Cupertino, at $2,450 and $2,168, respectively. Both cities experienced an increase of about 14 percent.
To offset the steadily increasing rent prices, Redwood City has repeatedly pushed for more below market rate housing for residents. To provide below market housing, the city must front the difference between at market housing and the price tag that they wish to present to potential renters.
Current projects include:
, some units would be 15 percent below market rate housing
104 Cedar Street, 15 unit residential facility for low income households and people with disabilities developed by the Mental Health Association
, the old Dodge dealership, with some units for below market housing developed by BRE
The city’s planning department was not able to return calls at this time.
There are currently several below market housing options in our city, according to the San Mateo County Housing Office.