6 Tips for Finding an Apartment in San Francisco
After spending the past seven years in Los Angeles, my husband and I relocated to the San Francisco Bay Area this month. With limited availability and increasing demand, finding an apartment in San Francisco is challenging (to put it lightly). Luckily for me, I work in the rental industry and have access to experts who know the Bay Area market better than anyone. Luckily for you, I'm here to share what I learned and what helped me nail down an apartment I love. Here are six tips to help you find an apartment in the San Francisco Bay Area:
1. Create a budget. Renting in the Bay Area is expensive -- and according to a 2014 Lovely Rental Market Report, the prices aren't getting any lower. In the second quarter of this year, the median rental rate for a two-bedroom apartment in the Bay Area was $3,285 per month, a 2.66 percent increase year-over-year. Certain neighborhoods, like Outer Richmond, are more affordable, while SoMa is more expensive. Before you start searching for apartments, make sure you know what you can afford.
2. Be prepared to compromise. Erik Preston, the director of rental inventory for Lovely, a renter marketplace, encourages San Francisco transplants to have realistic expectations about the apartment market. "Price, location and quality -- pick two; you can't have all three." Decide which of those two qualities are most important to you, and your search will go more smoothly.
3. Consider seasonality. The time of year you look for a rental will affect your search. If you are apartment hunting in the middle of summer, you will encounter faster turnover of units and stiff competition, which translates to higher rental rates. For the best price on a San Francisco apartment, Preston recommends starting your search in October.
4. Have great timing. If you have the option, don't rush your apartment search. Typically, apartments in the Bay Area don't stay on the market for long, so give yourself some time and sign up for new listing alerts. When you get an alert for an apartment that seems right for you, contact the property immediately and view it as soon as possible. Being the first one to see the apartment reduces the chance it will get snagged by another potential renter. However, don't get discouraged if you find an apartment that's been listed for a week or two. Some property managers don't operate on a first-come, first-served basis; they're looking for the most qualified renter.
5. Be a tenant landlords want to rent to. Property managers want to rent to tenants who are clean and responsible. In a tight rental market with many renters competing for limited vacancies, it's even more important to sell yourself to a potential landlord. Dress professionally, show up to appointments on time, be personable and remember to smile. "If you find an apartment you want to lease, tell the landlord how much you love it," Preston says. "He or she wants to know you're committed to the place and will take care of it."
6. Be overprepared. Let's say you tour a rental, and you're 100 percent positive that this is the apartment you want to move into. If you take a rental application and get it back to the landlord later, you could potentially lose the place. Preston recommends creating a "renter résumé" that quickly gives a potential landlord all the information he or she needs, including your credit score, household income, occupation, pet information and rental insurance policy information.
Once you have your résumé complete, create a rental packet with everything a landlord might request from you: a completed rental application, a copy of your credit report, a photocopy of your ID, income verification (two paycheck stubs or a job offer letter) and proof of renters insurance. If you have pets, consider including training certificates, proof of vaccination and letters of recommendation from previous landlords. You should also bring your checkbook so you're ready to pay an application fee.
After my personal experience apartment hunting in San Francisco, I highly recommend creating a few rental packets to bring with you during your search. While the property management company my husband and I rented with had a separate rental application we needed to fill out and they re-ran our credit, having everything at our fingertips made the process easy and we were able to sign a lease on the spot.
Niccole Schreck is the rental experience expert for Rent.com, a free rental site that helps you find an affordable apartment and provides tips on how to move.
