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Yes, it’s true. Rents in the Bay Area are crazy, in San Francisco, the South Bay, and in the formerly “affordable” East Bay. SF Weekly confirmed: San Francisco has been crowned the “second least affordable city in the nation,” with residents forking out 46 percent (or more!) of their income for rent when the norm is 25 percent (or less!). San Jose won for 7th least affordable and Oakland placed at 11th least.
Need proof? How about a 2 bedroom at One Rincon Hill for $7,500 a month (pictured above)? Yes, the address is a tony one, and it comes with one valet parking spot (as elite as such an amenity sounds, is this really the same as a dedicated parking spot though?) and a private deck with panoramic city/Bay view.
Too much? Think smaller. How about a studio on Market St. Even with promised gym access and deck with city view, that should be affordable, right? Maybe… if you can afford $4269 a month for rent!
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In Oakland, we have a single-family waterfront home, 3 bedrooms, renting at $9,999 a month.
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And in Mountain View, we find this startling offer: a 2 bedroom apartment in a mega-complex, subletting for $5,650 per month, perhaps possible because the location is a “hub” of the Silicon Valley.
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Surviving the Bay Area rental market
Tired of competing just for the privilege of over-paying rent? Many sites today have launched specifically to make the process easier. One, Apartment List.com, boasts a “mobile first” platform (in a sign of the times, the site gets 2.5 million monthly visits: over 70% of this traffic is mobile, coming from phones or other hand-held devices) and “more listings than Craigslist in 72 key rental markets.” The site offers the following survival tips:
— Friday is the best day to search for apartment rentals. The most leads are posted on Fridays but renters are still searching for apartments earlier in the week (thus competition is lower on Fridays).
— Start your search in the early afternoon. This is when you will have the most active listings to choose from.
— Ask yourself: what do I really need in my apartment? Apartment List found that a second bathroom in an S.F. apartment costs renters on average $500/month extra – or a whopping $6,000 in additional annual rent.
— Search in September-December. Due to a seasonal drop in demand, this remains the best time to search for apartment rentals.
What do you say, readers? Have your own tips for tenants in these crazy times? The comments await.
Anna Marie Erwert writes from both the renter and new buyer perspective, having (finally) achieved both statuses. She focuses on national real estate trends, specializing in the San Francisco Bay Area and Pacific Northwest. Follow Anna on Twitter: @AnnaMarieErwert
Article source: http://blog.timesunion.com/realestate/bay-area-is-one-of-the-least-affordable-rental-markets-in-the-nation/13771/