Renters Find Tight Market for San Francisco Accommodation Apartment Options

Cities Reference

Real estate experts see a challenging market for renters seeking San Francisco accommodation apartment options. A number of factors play a role in this ongoing trend. The market for purchasing homes remains sluggish. In addition, the city’s high-tech sector is on the upswing, attracting young professionals who prefer to rent rather than own. Finally, the foreclosure crisis forced many former homeowners to seek refuge in the San Francisco accommodation apartment market as renters.

As a result, rent prices for studio apartments in San Francisco jumped by 13 percent in 2011. The increases are expected to continue in the year ahead, though perhaps not as sharply. For the region as a whole, rental costs increased more than five percent during the same time period.

Low supply and high demand means competition in the San Francisco accommodation apartment market is fierce. Some landlords find renters within hours of posting the opening. Several factors can help improve your chances in this market. First, preference will go to someone employed in a stable, financially lucrative job. Second, good credit improves your standing in the eyes of potential landlords. Third, agreeing to a long-term lease presents you as someone the landlord can count on to remain in the unit.

Given the tight market for San Francisco accommodation apartment options, having a backup plan is crucial. In terms of searching for an apartment, this means knowing the maximum amount you can afford to pay for rent and committing to abide by that limit. Renting a place you cannot afford is a recipe for financial disaster. Another element of your backup plan should be to hire experts who can assist you in your search. With so many people vying for the same units, using an agent will help you focus only on those San Francisco accommodation apartment units that have the best chance of meeting your criteria.