Rental homes

Median apartment rental price by county (in & near Silicon Valley)

$2500 money blockThis week, the San Jose Mercury News ran an article with a starling statistic: the median list price of 2 bedroom apartments in and near Silicon Valley.  Here’s a look at the numbers:

  • San Mateo County $2884
  • Santa Clara County $2552
  • The San Francisco Bay Area as a whole (all 9 counties) $2451
  • Alameda County $2172
  • Contra Costa County $1825

These numbers are the median for the whole county in question – so in Santa Clara County, it will be a lot more if you are in Cupertino or Palo Alto or Los Gatos as opposed to the Alum Rock area of San Jose or Morgan Hill or Gilroy.

Houses are worse still.  Small homes may be found for $2500 to $3000 in many areas.  Places with better schools may run $4000 to $6000 per month for a home with better schools.  Want the best? It’s likely to be $7000 – $8000 for a good sized, comfortable (do not read “elegant”) house with better schools – or more.

Update on August 25: I’m hearing that 1 bedroom apartments in Cupertino are running at around $2300 per month and a 2 bedroom at around $3000 per month.

 

Read the article in the Merc:
Bay Area rental crisis squeezing out middle class

Visiting Silicon Valley for job interview and considering a relocation: how to get a feel for where to live?

Cruising Silicon Valley CAA few times a month I get phone calls from people considering a relocation to Silicon Valley.  In most cases, a trip out to Palo Alto, Mountain View, Sunnyvale, Cupertino, San Jose, Menlo Park or somewhere else in the South Bay or Peninsula is planned. These questions always arise:

What should we see when visiting Silicon Valley?

What neighborhoods should we consider or tour while there?

First: know which part of Silicon Valley where the possible employer is located

Silicon Valley covers a lot of ground – most of 2 counties (Santa Clara County and San Mateo County) and snippets of a couple more, which the Silicon Valley sprawl now inching north toward San Francisco.  The first thing to know is where the potential job is located.  There’s a huge difference between Oracle in Redwood Shores, Apple in Cupertino or Cisco in North San Jose, let alone some of the more far reaching Silicon Valley areas like Scotts Valley, South San Jose (at the intersection of Hwy 85 and 101), over in Los Gatos (Netflix) or inching up the east Bay in Fremont or Hayward.

Second: know your commute tolerance and have your priorities organized

Everyone would like to live close to work (under a half hour commute) but if you are juggling multiple priorities such as having a house & yard for kids, needing good public schools, and bringing it in at less than $2 million, you may have to sort out which of the important priorities is the very most important and go from there.  For many, the commute gets longer in order to provide the other things (a house not a condo or apartment, better schools, lower price).  Most people say that they would like a commute of 30 minutes or less.  Often they end up with a longer one after seeing a few areas and properties. Continue reading

San Jose Mercury News Headlines April 15 – 16 2014: home prices to buy or rent are rising steeply

Here are the headlines from the San Jose Mercury News in mid April 2014:

Home Prices to buy or rent going up April 15-16 2014

Rental article: Bay Area apartment rents set record 4/16/14

Excerpt:  Bay Area apartment rents are rising at nearly double-digit annual rates and have reached record levels, according to a report released Tuesday, prompting some analysts to warn that the region’s economic boom could be choked off by the relentless rise…..  Among the Bay Area’s three largest cities, San Jose had an average asking rent of $2,066 during this year’s January-March quarter, up 10.3 percent from the same period last year, RealFacts reported. Oakland had an average rental rate of $2,187, up 12.3 percent, while San Francisco posted an average of $3,057, up 9.5 percent.

Home buying article:   Bay Area home prices jump year over year

Excerpt:  March marked more than 20 consecutive months of year-over-year price gains for single-family homes in the East Bay, South Bay and Peninsula, according to real estate information service DataQuick, which released a report on March sales Wednesday…. The San Diego-based company said that prices were up 29.2 percent from the previous March in Alameda County to $575,000. In Contra Costa County, prices rose 22.8 percent to $425,000. Santa Clara County gained 20.3 percent to $800,000, and San Mateo County was up 13.2 percent to $860,000.

Whether you buy or rent, prices have been rising dramatically.  When factoring in what housing will cost, include the trajectory of appreciation per month.

Welcome notes and a word about rental housing in Silicon Valley

Although normally I prefer to take photos than be featured in them or in videos, many of my Realtor friends from across the country have been telling me that our blog readers would like to see us on video (and not just read our typed words).  So I’m caving in – and saying hello!  Hope you enjoy this 4 minute video, shot from my home office in Los Gatos.

More affordable homes to buy or rent in Silicon Valley with better schools

This morning I received an email from folks wanting to find a good area in which to move where they’ll have good schools but not pay the kind of prices they see in Palo Alto.  Below is my response to them.  I focus on Santa Clara County, and in particular the west valley areas from Los Altos to Almaden Valley or Blossom Valley areas of Willow Glen to Downtown San Jose, Santa Clara, Campbell, and back toward Los Gatos and its nearest parts.  Below is my response – hope it is helpful to many of my readers!   (The list is not exhaustive.)

The easiest way to check school scores is to use the site www.SchoolAndHousing.com.  It’s good for showing what house has which schools.  The home search feature is not very good, though, so don’t use that.  Best for home searching is www.MLSListings.com, as it is the public branch of our agent MLS and it is updated continuously.   Something to consider, though, is that the school scores do not tell the entire story.  There are many factors to include in your evaluation of a school, such as the variety of coursework offered (some schools may not have art or music, for instance), the availability of sports (for a balanced upbringing) and the overall feeling of a school (are the kids happy or are they overly pressured into excellence at a very young age?).  For many of these things, the best approach is to visit the schools personally and request a tour.  See if you can chat with the parents who are waiting to pick their kids up after school to hear about their experiences.  And of course read reviews online.

In terms of general areas to consider for schools near Mountain View, Palo Alto or Sunnyvale, in general, the better the schools, the more expensive the housing (whether to buy or to rent).  Hence Palo Alto is extremely pricey because the schools are absolutely top. Here are some communities that have great schools or good to very good schools:
  1. Palo Alto (very costly)
  2. Cupertino (less expensive for the school scores compared to other areas up to #5 on this list)
  3. Saratoga (very expensive)
  4. Los Altos & Los Altos Hills
  5. Los Gatos & Monte Sereno (95030 & 95032)
  6. Parts of San Jose in Cambrian 95124 and Almaden 95120 (very good value)
  7. The Los Gatos Mountains (zip code 95033)
  8. Parts of Fremont (Mission San Jose area)
Also it should be noted that in many cases, it makes more economic sense to utilize private schools and to live in an area which is a little less costly, such as Santa Clara (part of SC has Cupertino schools, so that will be expensive) or parts of San Jose (part of west San Jose 95129 has Cupertino schools, and part does not).  Many of my global clients initially do not see private schools as an option, for fear that all the kids in them will be from wealthy families and spoiled.  But often that is not the case at all – the kids are from families who like the curriculum, the teachers, the overall approach of the school and literally make sacrifices to send their kids there.  So I would advise that you at least have a look at that option since homes in the areas with the very best schools can be extremely costly.

How to find a rental home in Silicon Valley

Rentals from RealtorsFinding a rental home in Silicon Valley can be challenging.  Where to look?  Can a Realtor help you?  (Not very much.)

In many areas of the U.S., real estate agents actively work the rental market.  In those areas, owners are willing to pay a commission for the service, and houses and condos are listed in the local multiple listing service.

Not in Silicon Valley, though.  Instead, it’s a land of “for rent by owner”.  A few properties may be on the MLS (see link below), but hardly any. Far less than 5%.

Craigslist – http://sfbay.craigslist.org – houses, townhouses, condominiums (best resource)
MLSListings – http://www.MLSListings.com – very few listings of rentals, but all legit!
Trulia – http://trulia.com – click on “Rent” tab – mixed housing types
Zillow – http://www.zillow.com/ – click on “Rent” tab – mixed housing types
Padmapper – https://www.padmapper.com – apartments
Prometheus – http://prometheusreg.com – apartments
Please beware that there are many scams around rentals. Be extremely careful!  Some scams ask for money upfront, before you can even see the property.  Many of these homes are actually for sale, so Google the address to check.
Sometimes we Realtors have “courtesy rentals” where we share wants and needs without being paid (as a courtesy to our clients).  Don’t count on finding a property this way, but if you have a Realtor you’ve been chatting with, it’s not a bad idea to let him or her know what (specifically) you are wanting and if he or she hears of something, can get back to you with that match.  Odds of that working are less than 1% so use the list above, or drive around where you’d like to live!  If you’re a corporate relocation situation, your hiring company may be able to assist you with additional resources.
What do rentals cost?  One source of info is Rentometer.com.  I found it to be a little low in some areas but still a good starting point. www.Rentometer.com.

Related reading:

Why is it so hard to find a rental home in Silicon Valley now?

Finding Rental Housing in San Jose, Santa Clara County and Silicon Valley

Why is it so hard to find a rental home in Silicon Valley now?

Rental Home SoughtAt the moment, many people relocating to Silicon Valley are reporting that it’s harder to rent a home than to buy one.  What’s the reason for that?

Two things are happening that create pressure:

  1. There are a lot of companies hiring, and many high tech people, especially, are moving to Silicon Valley
  2. People who have lost homes in foreclosure, or who had to do a short sale to avoid it, are not able to buy for at least a few years. They may double up with family or friends for awhile but eventually do rent.

With demand increasing like crazy, rents are increasing like crazy too.  It’s the old tale of supply and demand: more demand than supply exists in the rental housing market today.

Just watch out for the scams!  If a price sounds too good to be true, it probably is.  I wrote about this not too long ago, please have a look:

Scam: Online ads for houses listed for sale are sometimes scraped and offered as rentals by those wanting your money!

Rentals from RealtorsFinding a place to rent – how do people locate one in Santa Clara County?  Where can you find properties to lease or rent?  I have a list of resources on my Valley of Hearts Delight blog – please click on the following link.

Finding Rental Housing in San Jose, Santa Clara County and Silicon Valley

What about a broker or agent? Can a Realtor help you to find a rental home in Silicon Valley? Most of the time, a real estate sales person will not be of much help in finding rental properties, and that’s because they aren’t usually listed in the MLS (and the MLS is the way in which we are paid).

Sometimes, though, a rental is listed on our Multiple Listing Service (MLS). You can check it out directly at www.MLSListings.com – just select rental under “type”.  The vast majority of rentals are online via Craigslist, though, and a real estate agent has no role in that type of rental property.  Just beware of the scams, mentioned above, and always google the address of the property that looks interesting to see if it’s for sale also. If it is listed as for sale, the odds are that it’s not really for rent.

On occasion, members of the real estate community will know of a “courtesy rental” property, meaning that a client wants to rent it out but not necessarily put it on Craigslist or the MLS. Instead, it’s word of mouth.  You do not need to call every real estate professional in town to ask if they have any courtesy rentals. Instead, turn to your trusted Realtor and ask him or her to inquire for you.  Most agents are very happy to send out the request within their company and to top agents or managers of others nearby to ask on your behalf (but it’s no good if 10 Realtors are all circulating the same request, so please don’t give in to temptation and ask everyone for this favor.)

 

 

Finding Furnished Rentals in Los Gatos

Main Street in Los Gatos, CaliforniaMany people who move to Silicon Valley want to rent initially.  Los Gatos is a great place to start!  Many newcomers say that Los Gatos is the “most European” of Silicon Valley’s cities and towns.  I agree!

In addition to the El Gato Penthouse (in downtown LG on Main Street), a newer complex with some furnished rental units on the edge of Los Gatos next to Netflix is Aventino. It’s a luxurious community with granite counters in the kitchens, a beautiful pool and spa area, and secure parking.

The Bay Tree Apartments are in the Almond Grove District (downtown or “walk to town” Los Gatos) and they have both furnished and unfurnished, but they do not always have vacancies.  Here’s their contact info to check back later or see if there’s a waiting list: 347 Massol Aven Los Gatos, CA 95030   (408) 354-7317.

Want to learn more about living in Los Gatos? Please visit my Live in Los Gatos blog and see selected pages on my popehandy.com website devoted to the town of the cats.

Want to purchase a house, condo or townhouse in Los Gatos?  Here are some links to help you with your research.

Buy a home in Los Gatos

Browse Los Gatos Homes for Sale on my popehandy.com site:

 Los Gatos real estate market trends – uses live charts and list prices (not solds)
Los Gatos real estate market statistics – uses sold prices for Los Gatos, Monte Sereno and all of Santa Clara County

Search for San Jose area rentals on the MLS

Search for rental housing on the MLS on my sites:

1- find a home by map

Go to http://www.popehandy.com/find_silicon_valley_real_estate_and_homes_for_sale_by_map.html

In lower left corner you’ll see “property types” – scroll down and find Residential Rental and click the box to select it

You can input bedrooms, bathrooms etc. in the fields to the right of it. I input 3 bed or more and 2 bath or more and got just 25 results

2 – simple city or town search on my blog

Go to http://www.SanJoseRealEstateLosGatosHomes.com

Scroll down and view the left sidebar – you’ll see Real Estate Search in the left sidebar (just over the list of zip codes) – input the area/size you want and where it says “all property types”, do a pull down and you’ll find “rentals” as one of your choices.

Mary Pope-Handy
Realtor,
CIPS, CRS, ABR, SRES
Sereno Group
214 Los Gatos-Saratoga Rd.
Los Gatos CA 95030
[Silicon Valley, California, USA]
1-408-204-7673
mary (at) popehandy.com
CA BRE # 01153805

CIPS - Certified International Property Specialist
CRS - Certified Residential Specialist
ABR - Accredited Buyer Representative
SRES - Seniors Real Estate Specialist

Helping nice folks to buy and sell homes in Silicon Valley since 1993. Mary Pope-Handy, Realtor, Silicon Valley
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Listings by Price Range
Below please find a list of SOME of the popular Silicon Valley areas with listings offered by price range. This is not a complete list! Please use the "search" app to find ALL properties on the MLS.
Trends & Statistics

Click the link below to get real estate data for Santa Clara County, San Mateo County, and Santa Cruz County (together making up about 98% of "Silicon Valley").

Real Estate Market Statistics and Trends for Santa Clara County


Comps near any address in Santa Clara County
Listings and Sales Near Any Address in Santa Clara County

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