finding an apartment in Silicon Valley with no job (San Jose: apartments, rent)

[easybay]

After thinking this through, all you will need is a guarantor to cosign your lease. The landlord won't care if you aren't working - just as long as someone you know is.

[mysticaltyger]

Originally Posted by sjnative

With a trust fund, anything's possible.

Remember, not everyone's treading water like us "commoners."

However, I did meet a start-up entrepreneur the other day whose start-up was his side project; he had a day job to pay the rent.

I assumed a trust fund or extensive investment income were not part of the equation, as such a person would probably not need to ask that question....but maybe that was a wrong assumption to make on my part.

[NoMoreSnowForMe]

If you want to move here without having a job - even a new job with a job offer letter - or being a student, then you will have a hard time.

I have rented to people who have shown that they are students, with a substantial savings account. I have never rented to someone with a savings account, but no job.

You can try getting a landlord to rent to you based on your savings account That is entirely possible.

If that doesn't work, you might want to enroll in college, just to be able to say you are a student. Then use your savings as proof you can afford to be a student.

Sounds nuts, but people are more comfortable with students with money, than unemployed people with money.

[vrhunski]

I tried that myself in Jul/2012 and no one wanted to rent me even with offered payment 12 month in advance. I ended up in Hotel for staying 3 months I got offer from them for $2500 per month.
No deposit no anything

[max.b]

Originally Posted by vrhunski

I tried that myself in Jul/2012 and no one wanted to rent me even with offered payment 12 month in advance. I ended up in Hotel for staying 3 months I got offer from them for $2500 per month.
No deposit no anything

$2500 sounds like a lot.

Did you have anything else working against you at the time, e.g. a less than perfect credit score, etc.?

[vrhunski]

Originally Posted by max.b

$2500 sounds like a lot.

Did you have anything else working against you at the time, e.g. a less than perfect credit score, etc.?

I didn't have credit score at all (newcomer). I arrived in US 07/2012 (year ago)
At first rented room at hotel on 7 days then I tried on all possible ways to rent some 1/1 or studio apartment anywhere in bay area and that didn't work out so I talked with hotel manager and they approve me $2500 per month but at least you don't have to worry about furniture/deposit/credit check etc...

I tried to rent on many places. Went thru application *$120* each and they just decline me and keep money for background application (due to no credit history).

If there is no credit score (or bad score) you can show them (I think 200k on savings account) but I find-out that 3 months later ...

[tolvak]

Some apartment complexes have specific provisions for no income, but substantial savings. I just ran across one the other day when looking at apartments in the Peninsula/Southbay area (I'm not in the same situation, but noticed it when looking at the rental requirements). For example, this one requires proof of 3 months of savings statements that show a balance of 3x the annual rent, and additional deposit if there are credit history issues:

Qualifying Criteria

That apartment seems to be owened by Gerson Baker & Associates, and they have other properties with similar citeria:

Bay Area Apartments

I'm not associated with them in any way, and have no input on whether or not they have good properties or practices (maybe check some apartment review sites for some of their buildings). But hopefully that gives you an option, if you have 3x the annual rent in savings.

Otherwise, you'll probably have to go the extended stay route (basically hotels with monthly rates), while you build your credit and/or get income.

Good luck!

[vrhunski]

@tolvak nice explanation I meant that but didn't know how to explain
Some of them require more then 3x annual rent. Because one place asked me to show them 165.000 on debit or saving account.

[max.b]

Originally Posted by tolvak

...

Thanks! I'm curious, $3000/mo for a 1BR - is this normal for Palo Alto, or are these super-luxury accommodations?

P.S. Where I live in SoCal, a 1BR is typically 500-600 sqft, and rents for around $1,400.

[vrhunski]

Originally Posted by max.b

Thanks! I'm curious, $3000/mo for a 1BR - is this normal for Palo Alto, or are these super-luxury accommodations?

P.S. Where I live in SoCal, a 1BR is typically 500-600 sqft, and rents for around $1,400.

You should be able to rent clean and nice condo in some older building for 3k.
1, 2 & 3 Bedroom Apartments in Palo Alto, CA | The Marc, Palo Alto

You won't get "super-luxury" for that kind of money

That is without furniture so add on that $500 more per month for furniture rental.