When The Silicon Valley Rental Market Is Tight, Don't Try to Haggle on the Rent

By
Real Estate Agent with Keller Williams Realty Palo Alto Probate & Trust Specialist B.R.E. 01191194
http://actvra.in/gJY

In addition to being a full time realtor for sales, I also have rental properties myself, and help a few clients rent out their investment properties.  Right now rentals in the Silicon Valley are hard to come by. There are many more potential renters than there are available homes.  Rentals that allow pets, or that are close to universities are especially popular.  So if you are trying to rent one of these properties here is a little hint: Don't try to get the price lowered when you can see that you are in competition with many other parties.

I have a rental property in Santa Cruz that is close to the university. The students who had been there for 3 years left and so I had a rare opening. 1 day on Craigslist produced 6 potential groups of students who wanted to rent.  One of the groups included 2 very cute and obviously bright female students.  After viewing the home they asked me to lower the rent by $200 a month. I politely declined and rented it to another group.

The next day they got back to me and asked if it was still available. This was probably their first time looking for rentals and I hope they learned a lesson.  It may be ok to bargain for a commodity that is in overabundance, but don't do it when the product is scarce.

 

Marcy Moyer

Keller Williams Realty

www.marcymoyer.com

marcy@marcymoyer.com

650-619-9285

D.R.E.  01191194

Posted by

Marcy Moyer Keller Williams Realty Palo Alto, Ca. Specialist in Short Sales and Trust and Probate Sales

 

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Michelle Carr-Crowe-Selling Silicon Valley Homes in Top Schools San Jose, Cupertino, Saratoga, Palo Alto-Just Call 408-252-8900
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I have seen this happen in the Cupertino Schools area, too. Renters don't realize it's not like a lot of other places-until they don't get the rental.

Aug 14, 2011 10:53 PM #1
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Anja Kerstens
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GRI, CDPE, CHS, ASP, Selling Silicon Valley Real Estate

Marcy, in this housing market the rental fees are increasing and your advice needs to be heeded. These young girls learned a valuable lesson and I wish them good luck with their next available rental.  Having a child at UC Davis, I was surprised to find out that landlords there demanded a deposit in February for housing starting in September.  Especially in college towns and near UCs students should be lucky if they find something nice so close to the start of a new school year.

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Aug 15, 2011 11:24 PM #2
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