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Redwood City Rent Prices Trend Above Peninsula Average

The average price of a Redwood City rental in the second quarter of 2011 was $1,892.

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.

 

Project Address Building Type # of Units # of Affordable Units Unit Type Resident Eligibility Berkshire Avenue Group Home 40 Berkshire Ave. Group Home 6 6 Shared People w/ Disability Casa de Redwood 1280 Veterans Blvd. Apartment 134 134 Studio, 1 bd Seniors Cassia St. Group Home 420 Cassia St. Group Home 14 14 group home People w/ Disability City Center Plaza 950 Main St. at Middlefield Apartment 81 80 1-4 bd All Franklin St. Apartments 1 Maple St. at El Camino Real Apartment 204 31 1-2 bd All Hallmark Apartments 531 Woodside Rd. Apartment 72 72 Studio, 1 bd All Hilton House 606 Hilton St. Shared Housing 6 6 Shared Single Parent Hope House IV 924 4th Ave. Transitional Housing 1 6 beds Shared Re-entry individuals from incarceration Hope House V 96 Buckingham Ave. Transitional Housing 1 6 beds Shared Re-entry individuals from incarceration Hope House VI 2820 Huntington Ave. Transitional Housing 1 6 beds Shared Re-entry individuals from incarceration Housing First 1306 Main St. Apartment 23 22 Studio Units Low and very low income individuals and small family households Hurlingame Permanent Houing 791 Hurlingame Ave. Single Family home 6 6 Shared Disabled Kainos A & B House 3631 Jefferson Ave. Group Home 10 10 Shared People w/ Disability Kainos Group Home 3631 Jefferson Ave. Group Home 11 11 Shared People w/ Disability Kainos Group La Vista 3631 Jefferson Ave. Group Home 17 17 Shared People w/ Disability Kainos Triplex 1209 Chantal Way Group Home 20 20 Shared People w/ Disability North Fair Oaks Family Housing Hampshire at Halsey Apartment 60 12 2-3 bd Family Oxford Street Apartments 1505-1509 Oxford Street Apartment 3 3 2 bd Family Pescadero Apartments 950 Redwood Shores Parkway Apartment 170 20 2 bd Seniors, Family Pine/Middlefield Shared Housing 508 Pine Street Shared Housing 6 6 Shared Single Parent Redwood City Commons 875 Walnut Street Apartment 58 58 1 bd Seniors, People w/ Disabilities Redwood Court 635 Spruce Street Apartment 27 27 2-3 bd Family Redwood Oaks 330-340 Redwood Avenue Apartment 36 35 1-2 bd All Rolison Road Apartments 3272 Rolison Road Apartment 7 7 1-2 bd All Sanchez Way 1234-36 Sanchez Way Group Home 5 5 Shared People w/ Disability St. Clare Apartments 2683 Marlborough Avenue Apartment 24 24 Studio, 1 bd Family Villa Montgomery 1500 El Camino Real Mixed 58 58 Studio, 1-3 bd All Wy's House 2033 Jefferson Avenue Group Home 5 5 Shared People w/ Disability YAIL 37 Clinton Avenue Four-plex 6 6 2 bd Disabled
Cliff Keith July 31, 2011 at 04:40 PM
This is not the end of this upward trend in rental prices. There is an expectation of another 10% by years end. What is causing this up tick in rental prices? It's basic supply and demand. The homeowners who owed more on their homes than what they were worth have sold their homes either by a short sale to the bank or their lender has foreclosued on them and these previous homeowners are out in the market looking for a place to rent. The backlog for the major lending institutions on homes subject to the foreclosure process is sitting at about 1 year. So expect this same trend for at least that long. Advice: Sign a two year lease if you can and be sure you like where you live. Some landlords are brutal and unreasonable, so be fore warned. The good thing is that this trend of higher rents will change too. Cliff Keith, Real Estate Broker #00605874 http://www.CliffNotesOnRealEstate.com http://www.FaceBook.com/AboutRedwoodCity
Jim Somers July 31, 2011 at 09:56 PM
You're right, Cliff. In addition, consider that the inventory of homes for sale is significantly below normal average and you have a housing shortage. Another factor adding to demand for rental property. Jim Somers, Realtor Alain Pinel Realtors DRE # 01319204 jim@at-home-redwoodcity.com http://www.at-home-redwoodcity.com
Carol August 01, 2011 at 02:01 AM
As a resident of City Center Plaza and a Redwood City area resident for over 50 years I have watched the rents sky rocket to the point of forcing many blue collar and service workers out of the area. You will find that there are long waiting lists for the low income apartment options. Between that and no neighborhood wanting any percentage of low income housing in their area, how does Redwood City propose to house all it's service workers? As a in nursing support worker I see that this area has a strong need for this service, but I'm very discouraged that employers expect workers to commute in from Concord or Tracy. We desperately need more beautiful well run complexes like City Center. I welcome home owners to stroll through our lovely complex and see what we have created here, and open a dialogue in your area to create more options like this. ~Carol
Peter August 01, 2011 at 04:58 AM
I live in an apartment in Redwood City that is well maintained but the people who live here are totaly slobs. People spit on the walls, kill each other ... do I have to say more? And this is the nicest place that I can afford. My income is $1300 a month! My rent is $1200. I've tried to get section 8 housing. That is impossible. The last time that program was open was years ago and about 38,000 people applied for about 3,500 positions (more or less). I was put into the lottery but got nothing. I'm on waiting list throughout much of the county, and have been waiting for about 10 years. Preference is rightly given to families. So, as a single person, I'm always at the bottom of the list. As a senior (I'm 56), I've tried to get into housing for seniors, but my income is too low. I'd love to move out of the county, but I don't have the money to move, and the medical specialists only work in San Mateo and San Francisco counties. I refuse to live in Frisco!

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