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%.
Two things are happening that create pressure:
- There are a lot of companies hiring, and many high tech people, especially, are moving to Silicon Valley
- 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:
Finding 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.
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.)
Many 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.
Browse Los Gatos Homes for Sale on my popehandy.com site:
- Los Gatos homes for sale under $1,000,000
- Los Gatos homes for sale priced between $1 and $2 million dollars
- Los Gatos homes offered for sale between $2 and $3 million USD
- Los Gatos homes listed between $3 and $5 million USD
- Los Gatos luxury properties at or over $5,000,000
Search for rental housing on the MLS on my sites:
1- find a home by map
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
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.