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Old 06-18-2012, 08:15 PM
 
Location: Naples Florida
1,122 posts, read 690,211 times
Reputation: 2033

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Quote:
Originally Posted by checkup View Post
-see posting on craigslist for an apartment that opens up on Aug 1; respond within 10 minutes of posting
-go visit 2 days later; apparently I'm the 6th person he saw
-put in application
-he calls me 4 hours later to say that the building owners put me 3rd on the waitlist and they went with someone else

wtf? Not sure what their criteria is--I'm a professional making 200k+/year. More to the point, this rental market in SF is obscene

EDIT: I should also add that I once responded to a posting 30 minutes after it was posted. I get a response 1 hour later telling me that the unit has been taken. WTF
When I lived there back in the 90's it was the same way, insane and when you would call ads in the Bay Guardian no one would ever answer the phones, they would just let the message tapes fill up and call selected messages back later. It would seem that your income makes no difference there, it's still an insane rental market, always has been, always will be. So glad I got out of there.
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Old 06-18-2012, 08:27 PM
 
664 posts, read 762,916 times
Reputation: 658
Quote:
Originally Posted by 7x7er View Post
Someone explain this to me - why are there such long lines at open houses? Why do landlords get flooded with phone calls as soon as they put a property on the market?

I'm just thinking it from an economics perspective - If I'm a landlord, and I list a property at $X, and 100 people with good credit are dying to pay $X to rent my apartment, doesn't that signal to me that I've listed the property below market value? Wouldn't I continue to list it at higher values until I had only a few people willing to pay? Especially given I might be stuck with that rent-controlled price I charge for the next 30 years?
I would rather have a good relationship with a responsible tenants paying market rate, then a pain in the a** tenant paying 300% of market rate.

Higher income really doesn't mean all that much to me. As long as they can pay their rent on time, take care of the property, don't disturb the neighbors, they are cool. I pay a professional management company, 24 hour on call, to take care of any necessary repairs quickly and promptly. It's in my interest to keep my tenant happy and keep the property in good shape.

That's just my perspective, as a landlord (not rent control unit), AND a renter.
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Old 06-18-2012, 08:29 PM
 
2,072 posts, read 2,449,827 times
Reputation: 917
Quote:
Originally Posted by checkup View Post
I'm a professional making 200k+/year. More to the point, this rental market in SF is obscene
Where do the non professionals live, those making maybe $10 or so per hour? They can't all be living with their parents or commuting from Stockton. Is the city full of working homeless people?
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Old 06-18-2012, 08:33 PM
 
Location: Houston, TX
312 posts, read 364,610 times
Reputation: 337
This is exactly why I, born and raised in Oakland, cannot live in my own home metro area. Have not for 20 years. Most of the rest of America is cheaper and provides the same or better employment opportunities, amenities, culture, universities, dining, you name it.

Since my graduation from the University of Arizona in 1993, I have lived in (in chronological order):

- remained for a while in Tucson
- Atlanta
- Raleigh
- Atlanta again
- Oklahoma City area
- Dallas
- Las Vegas
- Phoenix
- Austin
- and now Houston

and NEVER, I repeat, NEVER spent more than $650-700 for my apartment. Including utilities.
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Old 06-18-2012, 09:32 PM
 
Location: South Korea
5,245 posts, read 6,881,040 times
Reputation: 2839
Quote:
Originally Posted by wrcousert View Post
Where do the non professionals live, those making maybe $10 or so per hour? They can't all be living with their parents or commuting from Stockton. Is the city full of working homeless people?
If they live in SF they might live in an SRO. Some really fleasy hotels I saw 8 years ago had rooms with several bunk beds where you could rent a bunk for $400 a month...just about doable on $10 an hour if you are frugal. For your own small room it was more like $600 a month. These people are going to be slowly kicked out of SF but there's still quite a few of them, as well as lots of people with cheap old leases. Otherwise you could probably live for about $10 an hour in a crappy part of Oakland or Hayward but that means a lot of $$$ spent each month on BART.
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Old 06-18-2012, 09:56 PM
 
Location: San Francisco Bay Area
1,483 posts, read 3,527,279 times
Reputation: 741
Quote:
Originally Posted by wrcousert View Post
Where do the non professionals live, those making maybe $10 or so per hour? They can't all be living with their parents or commuting from Stockton. Is the city full of working homeless people?
I would think the majority live with their parents or share very small places or places with lots of roommates. Minimum wage in San Francisco is $10.24/hr btw.
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Old 06-18-2012, 11:32 PM
 
415 posts, read 349,070 times
Reputation: 423
Quote:
Originally Posted by micmac99 View Post
This is exactly why I, born and raised in Oakland, cannot live in my own home metro area. Have not for 20 years. Most of the rest of America is cheaper and provides the same or better employment opportunities, amenities, culture, universities, dining, you name it.

Since my graduation from the University of Arizona in 1993, I have lived in (in chronological order):

- remained for a while in Tucson
- Atlanta
- Raleigh
- Atlanta again
- Oklahoma City area
- Dallas
- Las Vegas
- Phoenix
- Austin
- and now Houston

and NEVER, I repeat, NEVER spent more than $650-700 for my apartment. Including utilities.
Sorry, I disagree. Most of America doesn't offer same or better employment opportunities, nor do they provide the same culture, universities, dining etc, I live 6 months of the year in Phoenix, and I know it doesn't offer any of those. Neither does it have Michelin rated restaurants, nor does it have the diversity of jobs. It also doesn't have jobs offering 200k+, or opportunities with some of fastest growing and on-demand companies of the world. Neither does it have comparable universities to Stanford and UC Berkeley. Nor does it have a comparable wine region to Napa/Sonoma. Not to mention weather, beaches, urban amenities etc. I haven't lived in many of the places you mention but I can guess that very few of those places offer ALL the amenities that the Bay Area does.
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Old 06-18-2012, 11:50 PM
 
1,550 posts, read 1,912,145 times
Reputation: 1007
Quote:
Originally Posted by dmode View Post
Sorry, I disagree. Most of America doesn't offer same or better employment opportunities, nor do they provide the same culture, universities, dining etc, I live 6 months of the year in Phoenix, and I know it doesn't offer any of those. Neither does it have Michelin rated restaurants, nor does it have the diversity of jobs. It also doesn't have jobs offering 200k+, or opportunities with some of fastest growing and on-demand companies of the world. Neither does it have comparable universities to Stanford and UC Berkeley. Nor does it have a comparable wine region to Napa/Sonoma. Not to mention weather, beaches, urban amenities etc. I haven't lived in many of the places you mention but I can guess that very few of those places offer ALL the amenities that the Bay Area does.
Boston metro has all of the above and a lot more but the cost of living is much lower than bay area. DC area has much better job opportuniies than bay area but has lower cost living. LA also has all of the above and much much more but is cheaper than bay area. Tech jobs are not the highest paid but finance jobs are. NYC, Boston, Chicago, LA, Houston (energy trading/finance), Miami are much bigger finance centers compared to SF. So please get out of your bubble! You might learn a thing or two...

Bay area has few wealthy entrepreneurs and VC types in a handful of small peninsula towns and everyone else barely scrapes by in slummy living condition. Bay area is top in wealth inequality and miserable living condition for the average middle class. Now go pay your large rent and jeopardize your financial future just to live in this overrated and overpriced slum
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Old 06-19-2012, 12:00 AM
 
1,550 posts, read 1,912,145 times
Reputation: 1007
Also the bay area real estate is not expensive because this place is oh so desirable.. Its because the third world state of CA can't build new infrastructure for increasing population and the construction/building industry is regulated to the point that nothing can't be built here. In most of civilized parts of US the free market works and housing supply grows in response to demand to keep prices in control.
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Old 06-19-2012, 12:07 AM
 
Location: San Francisco
622 posts, read 433,584 times
Reputation: 392
Quote:
Originally Posted by checkup View Post
-see posting on craigslist for an apartment that opens up on Aug 1; respond within 10 minutes of posting
-go visit 2 days later; apparently I'm the 6th person he saw
-put in application
-he calls me 4 hours later to say that the building owners put me 3rd on the waitlist and they went with someone else

wtf? Not sure what their criteria is--I'm a professional making 200k+/year. More to the point, this rental market in SF is obscene

EDIT: I should also add that I once responded to a posting 30 minutes after it was posted. I get a response 1 hour later telling me that the unit has been taken. WTF
Yep. It is.
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