Stanford Provides Multifamily Homes in Tough Market

PALO ALTO, CA-Stanford University is responding to the Silicon Valley’s housing crunch with new housing of its own. A series of lotteries for space in its new 628-unit Stanford West multifamily complex is now taking place.

Stanford West is a bastion of affordable housing in an area where there is precious little. Some one-bedroom apartments rent for as little as $794 a month, but range as high as $1,930 depending on the renter’s income and job classification. The units are available only to university faculty and staff.

Some new residents–many of whom began moving in this month–said they were paying nearly half the rent they would find elsewhere in the community. Average one-bedrooms in the area are renting around $1400, according to some estimates.