Have been trying to find a family friendly 3+ bedroom *RENTAL* around South Bay.
Supply seems to be limited.
Even crappy homes / town-homes are asking for $2300+ in rent.
Rents in South Bay are up and up...
By permanent_marker Follow Fri, 16 Mar 2012, 12:35pm 1,719 views 17 comments
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Mountain View, CA
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Where are you looking, exactly?
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46 male
Menlo Park, CA
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Yes, if you give me a zip code I can look up the 30-day rolling average rent.
Or you could do it yourself, here:
http://patrick.net/housing/graphs.php
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San Jose, CA
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I'm also seeing that rents are going up and tough to find a good house for rent at a good price.
Not sure what is going on ...
1. Rents are going up
2. OH's are full of buyers, mainly I and C
I was talking with one of the landlord and rental management company about this demand for rental, he says, lot of asian country people are temoprarily relocating to US for kids education. Especially in Milpitas, Bereyassa area, lot of Asians are living with their kids for their education....
Not sure how much truth is... but for us the rents are going up ...
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San Mateo, CA
Yeah. In Foster City there is no 3BR under 3200 now.
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crazydesi says
Desi,
You've answered your own question, and I quote "OH's are full of buyers, mainly I and C." :)
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Campbell, CA
Prices keep dropping in those areas.
It looks like the price to buy, price to rent, real wages and the mathematically challenged randoms are looking to find sustainable prices.
If economic conditions can stay the same or better for the next 30 years we might be ok :)
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Marker,
I know a Chinese lady who recently rented her 3/2, 1,300sq.ft. SFH home in 95123 for $2,400/month. Crazily expensive indeed. As of now, this summer will be very interesting. :)
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ThreeBays says
Damn.
Sounds like a reason for more jobs to leave the Bay Area.
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San Jose, CA
crazydesi says
Sorry, but what is OH's?
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I don't get this conversation. We are talking about rents in the 2-3K range for houses that sell in the 600-1000K range. And we are saying rents are crazy? Rents are cheap! Very cheap if you are comparing the alternative of buying these dog houses as a place you want to own. If you are okay with paying through the nose for buying then why are you so upset with paying someone 1/2 their monthly cost of ownership to rent? I just don't get it. 1 does not equal 0.5.
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B.A.C.A.H. says
someone needs to tell that to that chinese lady landlord..
well unlike 1996-1999, we dont have a huge demand for workers and dont have a shortage in supply... but we are putting more supply on the market.
it will take alot to re-create a similar shortage and thus
spike in rental costs.
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tdeloco says
My guess is
OH's = Open Houses
I = Indians
C = Chinese
:)
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crazydesi says
Right....as in the business programs which is impacted this year, enrollment has been capped.
SJSU will continue South Bay admissions preference
http://www.mercurynews.com/california-budget/ci_20056258
To make up for the higher number of South Bay students attending in the fall, San Jose State -- which plans to keep enrollment at about 27,000 next year -- may have to stop admitting new students for the spring 2013 term,
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RentingForHalfTheCost says
Bingo!
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E-man says
Yes, that's high for the area, but not competely crazy:
http://patrick.net/housing/graphs.php?uaddr=95123&v=rents
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RentingForHalfTheCost says
Its for two reasons:
1.) People still stubbornly hold onto that phrase that "Renting is throwing money away".
2.) Most people who are buying at the moment STILL believe they are doing so as an investment, build equity, or otherwise make money on their home purchase. This is directly related to #1. After all, how can renting being throwing money away if the converse isn't true of buying.
People bitching about how high rents are in situations where buying would be even more expensive are simply ignorant and missing the big picture.
FWIW, requiring 20% down to obtain a mortgage would fix all of this.
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dodgerfanjohn says
I'd just say eliminate mortgage in this country! Let the sheeple spend money on everything else except housing and this country will take off into 22nd century!!