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What's UP with the Bay Area rental market?


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2010 Jan 31, 11:42am   32,187 views  96 comments

by stocksjustgoup   ➕follow (0)   💰tip   ignore  

Rents seem to be going up in the areas I'm looking in (West San Jose, Cupertino, Sunnyvale... even as far south as Morgan Hill!)

Why?  I thought demand was supposedly lower?

Take Morgan Hill, about 20 miles south of San Jose.  It's a commuter town, the schools aren't good, and it was way overbuilt during the boom.  $2000 to $3000 per month for typical 3BR houses?  Why?  How?

I've looked solely on Craigslist.  Could that be the problem?  What's a better place to look?

Also, could it be that rents are high because that's the final stand for an underwater homeowner?  Either rent high to pay the mortgage or walk away?

Or should I just face it that my standards are too high for the bay area?

#housing

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95   seaside   2010 Feb 23, 4:13pm  

This thread originally is about bay area though, I feel like I have to reply on PolishKnight's post as fellow virginian. :)

While I have no reason to buy home right now, I am seeing signs of deterioration in my particular apartment. It is turning into a slum-like condition. The problomatic tenants, defensive management attitude, crackheads and Joe12pack every day and other stuffs.

Today morning, I found someone dinged my car and took off. This nice school bus driver saw me watching arround, and told me what he saw. A car parked next to mine passed the bus when school kids are boarding while stop sign is flashing, dinged my car and took off. Having a witness, I called police, and what I got was the worst piece of shit thug in the uniform I ever met. I know the car and the kid who did that because there's only one car fits the description and I remember what car was there next to mine. The police thug didn't even bother listening me or the the bus driver. It was like, you two are wasting my time, STFU or I will beat you two to the hell. The car and the kid showed up in the parking lot later in the evening. Carwashed nice and shiny.

Of course, something like that happened all the time, but this ain't the way it used to be in this place. I never had this much lowlives and drug addicts in the apartment as neighbor. The wife and I concluded that our time to move out to better place is comming. It is about lease renewal time, and we don't have other place to go now. So we decided to choose short term option while we're seeking a new place, then we're outta here. Another reason for me to watch market. :)

96   PolishKnight   2010 Feb 23, 8:39pm  

Seaside,
This is unPC for me to say so, but I hinted above that the reason why I found both quality and lower price in private apartments was that I'm a good tenant both financially and personally. Apartment complexes have to deal with "anti-discrimination" laws that require them to rent out to someone who passes minimal qualifiations (and perhaps even meet quotas.) They simply aren't in a position to negotiate.

The scary thing about buying is that it's sometimes just as bad as apartment renting but without the flexibility. A friend of mine had bad neighbors but since he owned his place, there was nothing he could do about it.

Regarding your problem with the police: You shouldn't have bothered too much with him. Just get him to write up a basic report and then quietly move on ASAP and later call the department and get someone better. Or better yet, if he was that bad call internal affairs and ask THEM for a recommendation.

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