What Is Reasonable Rent for Apartments in San Francisco, California?
San Francisco is the fourth populous city in California and the 13th in America. Many people have opted to stay in this city for one reason or another. At the same time, there are many others who wish to rent apartment in San Francisco. This is still possible, though it is important to have an idea of the kind of rent for apartments in this city. With the daunting economic situation in SF and other parts of the state, it is imperative that first hand information regarding rent for apartments is well achieved. With this information, you will have an idea of the kind of rent that you are bound to pay at the end of the month or as agreed with your landlord, real estate agents, homeowners among other people who own apartments in this area.
History
It has to be noted that San Francisco permits yearly rent increases of 60 percent consumer price index commonly known as CPI to a maximum of seven percent. At the same time, unregulated rent increases might be permitted when a tenant moves in or out. This is known as vacancy decontrol. Rental accommodation market has been affected by high transaction costs and information asymmetries.
This typically means that a landlord or homeowner, or real estate agent has first hand information regarding the home than a probable tenant can detect. When a tenant decides to move in, the costs of moving into an apartment are is quite high. At the same time, devious landlords might conceal defects, which will lead to complains from the tenant who is threatened to have his rent raised when the lease comes to an end. This is an indication that rent controls should be considered as a way of curbing rent for apartments in this city.
Features
Rent for apartments in San Francisco is determined by the market value of the apartment and the homeowner or landlord. This means that it can be within the range, below or above. Proposition 13 in California caps the increase of real estate and apartment at 2 percent per year. This means that landlords and homeowners in this city have the ability to raise rent by the aforementioned percentage on annual basis.
According to SFTU (San Francisco Tenants Union), rent can only be augmented on yearly basis or by inflation. You need to note that SF is one the second city after NYC with unaffordable rent for apartments. This should act as a pointer if you wish to move to this city to find an apartment.
Tips and comments
In case you are looking for apartments for rent in San Francisco, it may be hard to work within a certain rent for apartments. This is because there are no specific guidelines and measures on the rental charges apart from the 2% annual increment. This has left landlords and homeowners with powers to increase rent at their will especially at the end of leases. It is imperative if the government is involved, through its department of housing to ensure that specific rent for apartments are formulated and adhered to by the landlords and tenants.
