Menlo Park, known as the "Capital of Venture Capital," has seen a 40% year-over-year rent increase, with median one-bedroom rents at $3,360 due to limited housing, high Silicon Valley demand, and resistance to new multifamily development. Nearby Redwood City also experienced a 6.1% monthly rent rise. Despite some Bay Area counties showing increased housing inventory, overall supply remains tight, driving rents higher.
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