Luxury rental housing in San Francisco has been historically priced between $4.70 – $6.00 sqft depending on the particular building and unit. Advertised prices are usually higher. For instance, 2 bedroom rents at the Jasper, a new luxury building in San Francisco are as high as $6.17 sqft. By comparison, brand new condominiums at the Arden by Bosa, are being priced for as low as $3.57 sqft!

For a luxury condominium, Arden rents are super low and have both owners and agents scratching heads. Granted we as professional leasing agents are seeing some downward pressure on rents throughout the city, but not as much as we see at the Arden- A local phenomenon? We think so. This post reviews some of the features and amenities at the brand new Arden by Bosa and then we offer some “on the ground“ speculation as to why we think rents are taking such a hit.

Features and services being offered at the Arden By Bosa:

In Unit
• Tall Ceilings
• Double Pane Windows
• Hardwood Floors with Plush Carpeting in Bedrooms
• Full-Size  Washer and Dryer
• Walk-in Closets
• Energy-Efficient Heating and Air Conditioning
• Pre-Wired with USB Port and Fiber Optic Cable
• Private Tiled Balconies or Terraces
• Caesarstone Kitchen Countertops with Mosaic Tile Backsplash
• Thermador Applicances

Rents at the Arden are as low as $3.57 compared to historic prices of $4.70 to $6.50 sqft

• Sleek Modern Cabinetry
• Designer Grohe Faucets and Fixtures

In Building:
• Two Designer Lobbies with Attendants
• Hotel-Inspired Fireside Lounge
• 75′ Rooftop Lap Pool and Spa
• Double-Height Fitness Studio with His and Her Changing Rooms
• Expansive Outdoor Wood Deck with Views of the City
• Social Lounge with Entertaining Kitchen and Billiards
• Beautifully Landscaped 5th Floor Terrace
• Open-Air Grilling and Dining Area
• Outdoor Fireplace Gathering Area
• Luxurious Library Lounge
• Gated Resident Parking
• Electric Car Charging Stations
• Resident Workshop
• Pet Wash and Grooming Area
• WiFi and USB Ports Throughout all Amenity Areas
• Controlled Building, Amenity and Elevator Access
• Onsite Storage for Each Residence

Why Such Low Rental Rates at the Arden By Bosa? Such low rent rates at this property are in part due to the following:
• Great deal of rental inventory on market- New buildings are  creating  a short term surplus of units.
• Surrounding the Arden is still a construction zone
o Fence around children’s park- Entry not allowed
o Dog run and park still only dirt.
o Construction materials around building
• Workers in building still fixing and repairing
• Supermarket (Safeway) which is approx. 3 blocks away the closet store.
• Google Maps and Walk Score contain inaccuracies with regard to specific area

Will this last? No! Prudent renters who are seeking a superior property in an area of the city filled with parks, public walkways, stores and restaurants but close to transportation will jump at this opportunity. Construction will end soon and parks will be opening shortly.

ReLISTO has over 10 properties currently for rent at the Arden. We have already rented a good deal of inventory at this location and have been very successful in achieving very competitive rents for both Tenant and Landlord in a large part due to our wide reaching marketing campaign for the Arden as well as our very attractive incentives being offered for this property. See all of our units at the Arden including floor plans, videos and virtual tours by going to ReLISTO Team Arden Page.  Call one of our agents to ask about our move in specials.

ReLISTO is a licensed Real Estate Brokerage, specializing in the renting and leasing of apartments, condominiums, homes, lofts and executive furnished rentals. We have one of the largest inventories of rental housing in San Francisco. Contact our offices at 415-236-6116 to lease or list a property!

SFGATE.com posted an article about artist David Brenkus a tenant who was recently evicted from a 34 year residency at 53 Walter Street by Dr. Paras Harshawat and his wife Roopam. David was paying $735/month for the last 34 years and seemingly had never received a rent increase.

Calculating Rent Increases in SF can be challenging for both tenants and owners alike so its not surprising that 34 years went by without one. To raise rent in SF a landlord must accurately, to the penny calculate the allowed annual percentage, use the proper anniversary date and account for all Banked increase amounts to name just a few variables. Any mistakes can be risky since the Rent Board can reverse the whole rent increase if any part of the calculation is incorrect. Luckily now there is a tool for both tenants and landlords to make these calculations easy. In addition to allowable rent increases the SF Rental Calculator will calculate security deposit increases and rent board fees.

Using the situation at 53 Walter Street* San Francisco Ca we used the SF Rental Calculator to calculate 1) Allowable Rent 2) Security Deposit Interest and 3) Rent Board Fee Reimbursements

• If Dr. Paras Harshawat and his wife Roopam had decided to legally raise Davids rent as of February 1, 2016, what could they had raised it to?

Based on a January 1, 1982 tenancy start, rent could have been raised 82.4% to $1,354.59 on Feb 1, 2016.

• David upon leaving the apartment should have received interest on the security deposit money he had given to his landlord.

Assuming security was also $735 and Move In was January 1, 1982, David was eligible for a $880.53 reimbursement from the owner.

• Dr. Paras Harshawat and his wife Roopam should have also received from David reimbursement for Rent Board Fees

Assuming Move In was January 1, 1982, Dr Paras Harshawat and his wife Roopam were eligible for a $259.50 reimbursement from David

The SF Rental Calculators were created for landlords, tenants and property managers to freely and easily use, increasing transparency in what can be a very cumbersome process and set of calculations. The SF Rental Calculators are regularly updated and checked for accuracy.

*Please note that not all the variables for the situation at 53 Walter were fully known and as such some assumptions were made to have the ability to make calculations.

This Year’s Annual Allowable Increase for San Francisco Rent Controlled Units:

The annual allowable increase amount effective March 1, 2016 through February 28, 2017 is 1.6 %. The annual allowable increase amount effective March 1, 2015 through February 29, 2016 is 1.9 %.

To Calculate Rent Increases In San Francisco, Use ReLISTO Rental Calculator. Calculator is specifically designed for San Francisco Landlords and Tenants. Bank increases, partial rent increases, and shifting anniversary dates are easily managed. Best of all its a free tool for Landlords, Property Managers and Tenants to Use.

Join us in celebrating the successful launch of Stevenson Lofts! Stevenson Lofts is a brand new 60-loft building in the center of the Mid-Market tech hub. Each unit has over-sized windows and a signature ladder or spiral staircase creating an urban and open feel while maximizing the space. They also have high-efficiency stackable LG washers and dryers and are wired for WebPass. Our tenants can take advantage of the serene bamboo courtyard and panoramic City views from the roof deck, as well as the conveniences of Scoot, ZipCar, and Laundry Locker.

We are excited to announce that after months of hard work and the dedication of the owners, building crew, property managers, and ourselves (ReLISTO) we have successfully opened and quickly rented the market rate lofts. We will be celebrating with our new tenants, community partners, and neighbors on Thursday, February 18th from 5:30pm to 7:30pm. We are honored to have District 6 Supervisor Jane Kim join us along with some other special guests to speak about all of the exciting changes happening in the neighborhood and about the building itself. We will also be offering tours of the building and select units for those new to the property. There will be drinks and snacks so come toast with us to everyone for a job well done. We hope to see you there!

DATE:  Thursday, February 18, 2016

TIME:  5:30pm – 7:30pm

LOCATION:  Stevenson Lofts – 529 Stevenson Street, San Francisco, CA 94103

EVENT SCHEDULE:

          5:30pm – 6:00pm:  Vendor Tables (See list below) and Entertainment

          6:00pm – 6:30pm:  Speakers (See list below)

          6:30pm – 7:30pm:  Vendor Tables and Entertainment

SPEAKERS:

• District 6 Supervisor Jane Kim
• Developer Henry Wong
• Stephanie Gordon, President of Gordon Property Management
• Eric Baird, CEO of ReLISTO

VENDOR TABLES:

• Bannerman Security
• Gordon Property Management
• Laundry Locker
• Omni Storage
• ReLISTO
• Scoot
• WebPass
• ZipCar

INVITATION:  Click here to view the invitation and RSVP if you would like to join us.

In San Francisco most renters ideally want an apartment with an open social kitchen. A kitchen where friends and family can be entertained and enjoy each others company. As such large attractive and upgraded kitchens extending into another room are in huge demand and will secure higher rents or occupancy rates. Great appliances play an important role in this kitchen.

So what is upgraded? When are your seemingly great appliances out of style? In San Francisco, rental housing can be either brand new or comprised of older, historic Edwardian or Victorian charmers. In these older homes ranges can be as old as the house! When communicating with both landlords and tenants we typically utilize a 10 year window to define upgraded. Of course it just about the age since higher quality appliances tend to maintain their style for longer periods of time. For example look at the two Wolf Stoves in the photo associated with this posting. The 2015 version has a lower profile but besides this its an indistinguishable difference.

Fun Facts:

• 5 years- Number of years ovens in rental homes are depreciated
• 10-15 years- Number of years most ovens will last. See article
• Most appliance companies do not refer to the year a particular unit was manufactured.  Just try to look up “10 year old Viking Stove”.

Its common in both San Francisco and California for tenants to ask: “Can my landlord increase my rent”. Not only can higher rents stress a tenants ability to make ends meet but many local jurisdictions have rent control ordinances in place regulate increases. Cost to manage a property do go up so If its going to be done, it should be done in compliance with all applicable rules and regulations.

To make verifying rent increases a simple process for California residents, ReLISTO has made available to the public its Allowable Rent Increase Calculator to help both tenants and landlords determine proper rent increases including waiting times and dollar amounts. The calculator is easy to use and  allows  tenants to email the correct amounts directly to the owner for consideration. Both Tenants and Landlords can take advantage of its ability to either print or email the rent increase notice or summary

Below is a summary of some of the rules

California Rent Increase Rules”
For non rent controlled properties in California, including non rent controlled properties in San Francisco,  the landlord is at liberty to raise the rent.  They are however required to provide a certain amount of notice based on the percentage of increase. By entering the date, amount of increase, and other details the Allowable Rent Increase Calculator alerts the user if increase is within the states requirements.

San Francisco Rent Increase Rules
Many San Francisco residential properties built prior to June 1979 are considered protected under the city’s rent control ordinances. As such the landlord is only allowed to raise rent by a published amount. The Allowable Rent Increase Calculator works to determine allowable rents for San Francisco, including the calculation of Banked Amounts.

Get Started
To either verify or calculate an increase go to Allowable Rent Increase Calculator from there you will asked to enter non personal information to calculate the increase. By selecting View Report you can review in a full page format the information or modify specific data points.. Easy to use links will allow you to print or email the rent increase report or if you are a tenant a summary report.