Silicon Valley home prices, rental prices both rising rapidly

Here are the headlines from the San Jose Mercury News in mid April 2014:

Home Prices to buy or rent going up April 15-16 2014

Rental article: Bay Area apartment rents set record 4/16/14

Excerpt:  Bay Area apartment rents are rising at nearly double-digit annual rates and have reached record levels, according to a report released Tuesday, prompting some analysts to warn that the region’s economic boom could be choked off by the relentless rise…..  Among the Bay Area’s three largest cities, San Jose had an average asking rent of $2,066 during this year’s January-March quarter, up 10.3 percent from the same period last year, RealFacts reported. Oakland had an average rental rate of $2,187, up 12.3 percent, while San Francisco posted an average of $3,057, up 9.5 percent.

Home buying article:   Bay Area home prices jump year over year

Excerpt:  March marked more than 20 consecutive months of year-over-year price gains for single-family homes in the East Bay, South Bay and Peninsula, according to real estate information service DataQuick, which released a report on March sales Wednesday…. The San Diego-based company said that prices were up 29.2 percent from the previous March in Alameda County to $575,000. In Contra Costa County, prices rose 22.8 percent to $425,000. Santa Clara County gained 20.3 percent to $800,000, and San Mateo County was up 13.2 percent to $860,000.

Whether you buy or rent, prices have been rising dramatically.  When factoring in what housing will cost, include the trajectory of appreciation per month.

 

 

 

Finding homes to rent in Los Gatos, Monte Sereno and Saratoga

Finding a home to rent in Silicon Valley can be an enormous challenge.  Most Realtors don’t do rentals (since very few are offered on our MLS), so consumers looking to find rental housing are often doing it on their own.  This can be especially tough if you are relocating to the San Jose area!

Who you gonna call?

In my experience, the best places to find homes to rent, besides literally driving through neighborhoods, is online with Craigslist or via Bay Rentals.  Bay Rentals does charge a fee but they do great work and you will know you’re not getting scammed.

Below you can browse properties offered for rent in Los Gatos, Monte Sereno and Saratoga.  There aren’t very many of them but it’s a piece of the information puzzle.

 

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(all data current as of 7/22/2024)

Listing information deemed reliable but not guaranteed. Read full disclaimer.

 
 

Sorry, but we couldn't find any results in the MLS that match the specified search criteria.

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(all data current as of 7/22/2024)

Listing information deemed reliable but not guaranteed. Read full disclaimer.

 
 

 

 

 

Scam: Online ads for houses listed for sale are sometimes scraped and offered as rentals by those wanting your money!

DangerA quick word of warning to Silicon Valley renters hunting for a home: beware of scams online!

Some nasty folks are copying ads or online fliers  from houses for sale on Trulia and Craigslist and reposting them as rentals at a below market price.

Then when consumers phone the number on the “rental property”, they are told that they have to pay a couple of hundred bucks to fill out the application – sight unseen.

Two of my listings have been scraped in the last year  (once on Trulia and once on Craigslist). Confused consumers drive over to check out the place and are surprised to see the Sereno Group sign in the yard, call and ask me if it’s really both for rent and for sale.  Nope, it’s not.

If it sounds too good to be true, of course it is.  Google the address of any property offered for rent and see if the home is offered for sale, especially if the rent is on the low side or if the person posing as a property manager requires money upfront to see the house.  If you run into one of these creeps who’s committing fraud, please call your local police department and turn ’em in.