Questions about getting a lease as a new grad (San Jose: sublets, apartments)

[closeparen]

Hello,

I'm finishing school and heading out to the Bay Area this September for a Software Engineer job with a unicorn you've heard of at $110k. I don't want to spend an insane amount of money on housing, and I'd really like to own a car (though I know it's not necessary). My current thinking is to look for a studio in Oakland (w/ dedicated parking space) in the $1500-$2200 range, and plan to ride a bike to the BART most days.

I'm concerned that landlords seem to only want people moving across town (3 months in the same job) and who already had apartments before (multiple landlord references). I'm coming from a dorm in Chicago, and my only apartments have been informal summer sublets from friends. I'm also hoping to give myself a 2-week interim to settle in, so my employment would not start until a little after move-in. I will have $10k in the bank at that time, though.

What are my chances of standing out among the dozens of applicants that are apparently contending for every rental property? How long should I plan on living out of a motel before I can move into an apartment?

My parents have also offered to fly out and help me move in, but without knowing how long it will take to get keys on something, I don't know when to tell them to take vacation days and book flights.

Also, do landlords typically require a cashiers check? My money is currently at a local credit union in Chicago, and it seems to take 3-5 business days before funds would clear at a local credit union. Do I have to wait that out before I can sign a lease, or do they take electronic transfers these days?

[Lockdev]

There's plenty of apartments within walking distance to the BART in the East Bay for that price range(well, $1800-2000 if you want to live in a decent area).

Ask again in September. The apartment climate around here seems to change weekly.

Getting the keys and all that jazz normally only takes a day or two.

[Chuck5000]

You won't find an apartment for yourself with what you want for 1500 to 2200 unless you're far away. You can get a good room in a nice share for that much money, but I doubt you'll have dedicated parking unless you're up in the hills, away from BART.

Plenty of Oakland folks are here to give more specific advice. I've hung out in Oakland a lot and have friends there. (good idea to look in Oak and avoid SF; assume you're commuting to SF. You cannot commute from Oak to SV in decent time.)

I think you need cash on the barrelhead to get a deal. I haven't leased here in a long time so I can't give more help with current state of dealmaking. For very desirable rentals I've heard of tenants paying multiple months up front.

BTW, 110k is low-end in the Bay Area for someone with a CS degree. Don't buy the BS from the "unicorn" about how you'll earn big money in stock, if you can negotiate for higher salary, that's the way to go. Equity is BS unless you're one of the first 20 employees, or the company literally turns out as good as Google (i.e. highly unlikely) Plenty of good info on web about how unlikely it is to make money on equity.

[CBB_bear]

I think you will be ok given your high income. However, you may need your parents to guarantee your lease since you don't have a rental history (especially if you also do not have a credit history). My brother just moved to San Jose for his first job out of college this year and is paid well, but my parents needed to do this for him since he had neither a rental history or a credit history. I also had to do this for my first apartment out of college in a significantly less competitive rental market.

When my brother moved out, he air B&Bed for a while until something came through (I think it took him about a week). He found it much easier to find someplace to live once he was physically here.

[CBB_bear]

Originally Posted by Chuck5000

You won't find an apartment for yourself with what you want for 1500 to 2200 unless you're far away. You can get a good room in a nice share for that much money, but I doubt you'll have dedicated parking unless you're up in the hills, away from BART.

Plenty of Oakland folks are here to give more specific advice. I've hung out in Oakland a lot and have friends there. (good idea to look in Oak and avoid SF; assume you're commuting to SF. You cannot commute from Oak to SV in decent time.)

I think you need cash on the barrelhead to get a deal. I haven't leased here in a long time so I can't give more help with current state of dealmaking. For very desirable rentals I've heard of tenants paying multiple months up front.

BTW, 110k is low-end in the Bay Area for someone with a CS degree. Don't buy the BS from the "unicorn" about how you'll earn big money in stock, if you can negotiate for higher salary, that's the way to go. Stock is BS unless you're one of the first 20 employees, or the company literally turns out as good as Google. Plenty of good info on web about how unlikely it is to make money on equity.

Is 110K really that low for someone's very first job out of college? Even for this area that seems pretty comfortable for one single young person to live on. Most tech people who make more than that I know have been working for a few years. He certainly meets the 3x the rent qualification for a decent 1 br apartment in Oakland.

[nightlysparrow]

Either have the parents cosign, or offer to pay a full year's rent in advance.

[Chuck5000]

Originally Posted by CBB_bear

Is 110K really that low for someone's very first job out of college? Even for this area that seems pretty comfortable for one single young person to live on. Most tech people who make more than that I know have been working for a few years. He certainly meets the 3x the rent qualification for a decent 1 br apartment in Oakland.

For someone with a computer science degree, it actually is on the low end for a decent-sized company; small startups may pay less in exchange for equity. However, I don't think it's a deal-breaker for a move out here, esp. if one has a specific planned career path that can only be followed here.

I think 110k is "OK" for a single person to move here, esp. if one is in their 20's. (by my own late 20s, I was tired of living with others, and 110k suddenly doesn't look awesome if you need your own place.) However, if I was he and I had good offers from tech companies in other US cities, I'd take one of those instead of moving to Bay Area - unless I had a lot of friends coming here or had family here, or was wealthy.

But a CS degree is about as good a degree as exists to move out here; my opinion is that unless one is going into tech or high-paying professional services or a major high-paying non-tech company with offices here, moving here is not at all worth it.