When people think of Silicon Valley, they tend to think of bustling tech municipalities such as Palo Alto or Menlo Park. In recent times however, it is the area's lesser known suburbs that lay claim to the fastest growing populations. 

Cities with a combination of cheaper real estate and a focus on adding new residential units find themselves on top of this list. The Silicon Valley Business Journal cites Redwood City as a prime example: "Redwood City--which added 1,609 residents last year for a 2 percent population bump--approved 2,500 new residential units in 2012. The median monthly cost for all rental housing in the city is a staggering $2,995, which is still significantly lower than the median $3,317 rent in Palo Alto, according to real estate listing site Hotpads."

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