A Detailed Renters Guide to Silicon Valley
Silicon Valley is the ultimate tech hub and many aspiring tech entrepreneurs and ambitious creatives flock there to search for rental accommodation. The prices are often high however, there are a few tips and tricks that can facilitate the process of renting a property in the Valley.
The valley is vast, there are plenty of housing options available. From smaller, less costly apartments to high-end luxury properties. You should be able to find exactly what you are looking for however, you need to make sure your earnings cover the cost of renting in Silicon Valley as rental prices are high.
The Average Cost of Renting in Silicon Valley
One of the major factors you need to consider when renting a property in Silicon Valley is cost. Bear in mind that you will need to prove your income therefore, make sure your income is at least three times the monthly rental amount. Here is a list of average rental charges for properties in Silicon Valley. Many properties cost far more, these are baseline, average prices.
Studio/1 bedroom = $2,300 per month
2 bedroom = $2,900 per month
3 bedroom = $3,950 per month
4 bedroom = $5,200 per month
If you are looking for low-cost housing for low-income individuals or families, you will struggle to find a decent property, and there are often long waiting lists for this type of property.
Renters Guide to Silicon Valley
If you are completely new to Silicon Valley, check the neighborhoods to find out which area suits you best
East Palo Alto
East Palo Alto is part of San Mateo County and is one of the areas that has undergone extensive gentrification over the years.
Cupertino is a high-end city in Silicon Valley and it’s best known for being the home of Apple HQ. In terms of pricing, it makes more financial sense to rent than to buy in this area.
Burlingame is close to the San Francisco International Airport and is known for its excellent public transport links. It has transport stops along the Caltrain commuter line, which is great news for anyone needing to commute in and out of Silicon Valley.
Sunnyvale is an affluent city that is made up of 27 distinctive neighborhoods. Heritage District is perfect for young couples and singles. Ponderosa Park is the neighborhood of choice for businessmen and women, as well as retirees and Sunnyvale West often attracts young professionals.
Finding a Place
Many properties are advertised by management companies and private landlords. An online search will reveal large apartment complexes managed by independent management teams or developers. If you are searching for new apartments for rent in Downtown Sunnyvale, CA, be sure to begin your search at least 30 days before you want to move in.
When searching for a place to rent, check the distance between your place of work, your chosen school and be aware of the traffic issues in some areas. Spend as much time in your chosen areasas possible and if you are looking for a quiet life, stay away from areas that are close to busy roads, bars, nightclubs and train tracks.
You will need the following documents available to begin the application process for renting a property in Silicon Valley.
Property Application Form
The property manager or landlord will provide you with this, most landlords or managers will send you a link to fill out an online application. Some will ask you to download and print the application form from their website.
You would also need photographic identification such as a valid passport or driving license.
Proof of income is also required, copies of your last two or three pay stubs, employment letter and bank statements showing regular deposits. If you are self-employed, you need to ask a CPA or create an official document outlining your annual income.
Previous Landlord References
Previous landlord references ease the process tremendously because they want to make sure that you are not a nuisance tenant. Some landlords don’t ask for previous landlord references but it is best to provide it anyway. The landlord is required to accept the first qualified applicant however, they might decide to accept someone based on the additional documentation that they provide.
You will need to pay a deposit equivalent to at least one month’s rent and one month’s rent in advance.
Silicon Valley is an ideal place to live if you are a tech entrepreneur or employee, it is costly however if you are financially stable, there is no reason why you shouldn’t look into renting in Silicon Valley. Ensure that your income is at least three times your monthly rental cost and also factor in the cost of groceries, travel and other costs in the Silicon Valley area.