We’re moving back to the Bay Area and are in the process of looking for apartment.
The rental market is very different from what it was in 1999 when we first moved up for our jobs. Then, the few vacant apartments were either super expensive or seriously lacked redeeming qualities. Wow, how I felt desperate to find a place. Not the case this time around. Now, many of the nice one bedrooms that were once over $1,400 are down under $1,000. And, it appears it has gotten harder for landlords to find tenants to rent many apartments. I’ve been watching Craigslist the past few weeks and have been surprised by the number of landlords offering move-in specials, waiving credit checks, asking for small deposits and making pleas for tenants to view their places. We were up this past week looking around and couldn’t help but notice that every block with apartments in certain areas of the South Bay has at least one sign out advertising an opening.
Another thing we noticed is that landlords aren’t sure what rent they should charge; asking prices are all over the board with no rhyme or reason. For example, one complex in Mountain View is asking $1095 for a junior one bedroom but a similar one a block down is asking $900 for a junior one bedroom.Â
That all bodes well for renters like us. We’re playing our own version of Let’s Make a Deal, looking at apartments priced above our price range and asking landlords to lower the rent. Most seem to be willing to play along though others are offended we’d even try. We may end up with an apartment this week, though it wouldn’t be armageddon if we don’t. We’ll just go back up in a couple more weeks to play another round of Let’s Make an Apartment Deal.Â
I recommend anyone else looking for an apartment in Santa Clara county to also play along. We’ll collectively lower rents for the area. They are still overly inflated.