Source: sfgate.com

If you’re in the market to rent a San Francisco apartment, you may feel like you’re competing in an extreme sport. Even with a strong credit score, a stack of cash to put down as a deposit and income statements to show you’re qualified, chances are you’ll need to move fast when vacancies come about.

San Francisco remains one of the country’s most expensive rental markets, although it is now outranked by New York City (No. 1) and Boston (No. 2). According to a report from rental platform Zumper, the median rental price for a one-bedroom in San Francisco is $2,950. Median rent price for all bedrooms and property types is $3,649 in San Francisco, according to Zillow — that's up about $300 from this time last year.

Inventory is crunched, too. Near the end of 2022, the rental vacancy rate in the Bay Area was just 3.1%, compared to a 4.1% vacancy rate statewide, according to iProperty Management.

While San Francisco is expensive, renters did experience a bit of relief amid the pandemic during the so-called Bay Area mass exodus; there was a net migration loss of nearly 129,000 people from the San Francisco-Oakland-Berkeley metro area between July 1, 2020 and July 1, 2021. But that may be just temporary, especially as tech companies call workers back into the office.

“Rents have been dropping since the start of COVID, but over the last year, they started ticking back up,” says Marc Dickow, broker, realtor and partner at Core7 Real Estate. “We also know that interest rates have pushed some people out of the buying market, at least temporarily, so we will likely continue to see a demand for rentals in the short term.”

We asked real estate pros in the Bay Area for their best tips to find a decent apartment in San Francisco at a reasonable price. Here’s what they had to say. 

1. Arrive at showings ready to rent 

Serious about that sleek rental you’re touring or the room for rent in an adorable Edwardian home? Come prepared, recommends Julie Upton, a realtor and relocation expert in the San Francisco Bay Area.

“Bring your checkbook with you as well as a print out of your credit report, references and a letter from your bank manager stating the liquid funds available in your accounts,” Upton suggests. “This will show the landlord that you are qualified and well organized.”

2. Apply for multiple apartments at once

Apartment application fees can easily rack up — just searching for an apartment can cost hundreds of dollars.

To help reign in costs, a new California law went into effect on Jan. 1, 2023. AB2559 allows renters to use one screening report for multiple rental applications within a 30-day window. Landlords can publicize whether other reusable screening tools are accepted during the application process, too. For example, Dickow uses RentSpree to manage his rental listings. The company allows tenants to fill out one application and use it to apply for multiple properties.

3. Take advantage of “lease-ups”

New apartment complexes often offer incentives during the so-called “lease-up" period, which is the first six to 12 months after the official launch of a new apartment building, says San Francisco-based HomeLight real estate agent Peter Yeh.

“Some of those incentives might include a free month of rent, a parking spot, storage or waived application fees,” Yeh says. “Some even have zero deposits.” 

4. Create a rental resume

In competitive rental markets like San Francisco, you can set yourself apart by providing a rental resume, Yeh says. Much like an employment resume, you can list past places where you’ve lived and landlord references. 

A rental resume should also have things like your contact information, proof of income, occupation and name of current employer and a reference letter, perhaps from a former landlord or neighbor, Zumper suggests. 

Include a succinct “objective” on the rental resume, with a brief overview of who you are, what you’re looking for in a rental — for example, being within walking distance of your job — as well as your qualifications as a tenant. You can also include your credit report.

5. Expand your search radius 

If you’re looking for rentals in San Francisco, try looking at neighborhoods outside the center of the city. "The Richmond, the Sunset, Excelsior, Sunnyside and the Bayview are some areas you’ll get more bang for your buck," Dickow says. Yeh also points to Bernal Heights, Diamond Heights and Civic Center as neighborhoods where you might be able to stretch your rental dollars further.

Also, San Francisco’s many neighborhoods have different personalities and even microclimates, so if you're coming from out of town, it may make sense to get a short-term vacation rental for a period to allow yourself to explore the area and find the right neighborhood for you.

6. Rent in the winter 

If you have flexibility with your moving timeline, you may be able to score some of the best rental deals during the colder winter months, specifically December and January, Yeh says. Fewer people are interested in moving when it’s cold out and school is in session. 

Also, he says, you may have some luck searching for a middle and bottom floor unit as top floors with views tend to be the most popular, and thus most expensive.

7. Hire a relocation agent 

Hiring a relocation agent to search for your apartment can be really helpful, Yeh says, especially if you’re not a local renter. Relocation agents know the area well and can set up multiple viewings in a day, helping you navigate the fast-moving rental market.

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Source: sfgate.com