ReLISTO Blog

Housing Rental Prices Plummeting In San Francisco? Story of The Arden

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:
Arden
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

Arden

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
Unit 800 The Arden
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!

 

 

Lottery Results In!

The Lottery results for Stevenson lofts are posted below. ReLISTO starting at the top of the list will be contacting 10 winners at a time. 100 of 356 tickets were pulled for the apartments at Stevenson Lofts. Once called each applicant has multiple days to submit application and qualify. If your number does not appear on the final lottery list, it means you were not selected.

As of 2-20-16 only the first 10 have been called.

Click Here: Stevensons Lofts BMR Final Rank Lottery Results 2-1-16

Using SF Rental Calculator for 34 Year Tenancy

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. 735 RENT

  • 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.
    board fee

  • 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
    board fee

    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.

    San Francisco Allowable Rent Increase For 2016 is 1.6%

    San Francisco Allowable Rent Increase For 2016 is 1.6%

    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.

    FROM TO AMOUNT OF INCREASE
    March 1,2016 February 28, 2017 1.6%
    March 1,2015 February 29, 2016 1.9%
    March 1,2014 February 28, 2015 1.0%
    March 1,2013 February 28, 2014 1.9%
    March 1,2012 February 29, 2013 0.5%

    Come Out and Celebrate the Successful Launch of Stevenson Lofts With Us!

    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.

    “Upgraded Appliances” What does this mean?

    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”.

    San Francisco Security Deposit Interest Rates

    The Current San Francisco Security Deposit Interest is 0.2% for March 2016- February 2017:

    The Current San Francisco Security Deposit Interest is 0.2% for March 2016- February 2017:

    The ReLISTO Security Deposit Interest Calculator SF Rental Calculator is for San Francisco landlords and tenants to easily determine the amount of security rent board fees and allowable rent due. Save, email or print results. Summarized below are the interest rates for prior years as well as rules and details of the ordinance.
    San Francisco Security Deposit Interest Rates 1983-2017

    Date Range Interest Interest Calculator
    March 1, 2016- February 28, 2017 0.2% Calculate
    March 1, 2015- February 29, 2016 0.1% Calculate
    March 1, 2014- February 28, 2015 0.3% Calculate
    March 1, 2013- February 28, 2014 0.4% Calculate
    March 1, 2012- February 28, 2013 0.4% Calculate
    March 1, 2011- February 28, 2012 0.4% Calculate
    March 1, 2010- February 28, 2011 0.9% Calculate
    March 1, 2009- February 28, 2010 3.1% Calculate
    March 1, 2008- February 28, 2009 5.2% Calculate
    March 1, 2007- February 29, 2008 5.2% Calculate
    March 1, 2006- February 28, 2007 3.7% Calculate
    March 1, 2005- February 28, 2006 1.7% Calculate
    March 1, 2004- February 28, 2005 1.2% Calculate
    March 1, 2003- February 29, 2004 1.2% Calculate
    August 4, 2002- February 28, 2003 3.4% Calculate
    September 1, 2001- August 03, 2002 5.0% Calculate
    September 1, 2000- August 31, 2001 5.0% Calculate
    September 1, 1999- August 31, 2000 5.0% Calculate
    September 1, 1998- August 31, 1999 5.0% Calculate
    September 1, 1997- August 31, 1998 5.0% Calculate
    September 1, 1996- August 31, 1997 5.0% Calculate
    September 1, 1995- August 31, 1996 5.0% Calculate
    September 1, 1994- August 31, 1995 5.0% Calculate
    September 1, 1993- August 31, 1994 5.0% Calculate
    September 1, 1992- August 31, 1993 5.0% Calculate
    September 1, 1991- August 31, 1992 5.0% Calculate
    September 1, 1990- August 31, 1991 5.0% Calculate
    September 1, 1989- August 31, 1990 5.0% Calculate
    September 1, 1988- August 31, 1989 5.0% Calculate
    September 1, 1987- August 31, 1988 5.0% Calculate
    September 1, 1986- August 31, 1987 5.0% Calculate
    September 1,1985- August 31, 1986 5.0% Calculate
    September 1, 1984- August 31, 1985 5.0% Calculate
    September 1, 1983- August 31, 1984 5.0% Calculate

    The San Francisco Administrative Code requires landlords to pay interest on security deposits held over one year on residential property. Interest payments apply to all residential rental units in San Francisco except for government subsidized properties.

    Interest is  payable on the  tenant’s “annual due date”. If the tenant vacates before one full year of occupancy, no interest is due. Where a tenant vacates after one year of occupancy but before the next annual due date, the interest payment for the partial year period must be pro-rated and calculated using the interest rate in effect on the date the tenant vacates. Generally, the tenant is owed simple interest on their annual due date at the rate in effect when the security deposit interest payment is due.  Pursuant to Chapter 49, if interest is owed for multiple years, the interest may not be compounded.

    The landlord has the option of paying the security deposit interest to the tenant in the form of either a direct payment or a credit against the tenant’s rent. For units that are covered by the Rent Ordinance and subject to the annual Rent Board fee, Section 37A.6 of the San Francisco Administrative Code allows the landlord to deduct 50% of the annual Rent Board fee from the security deposit interest payment due to the tenant each year.

    Security Deposit interest must be paid within two weeks of the date the tenant vacates. However, subject to the limitations and requirements set forth in Section 1950.5(e) of the California Civil Code, a landlord may retain a portion of the unpaid accrued interest where the amount of the security deposit alone is insufficient to cover unpaid rent, repair of damages to the premises caused by the tenant, or necessary cleaning of the premises.

    Generally, disputes concerning security deposits or security deposit interest issues are decided in Small Claims Court. The Rent Board does not have jurisdiction over these disputes and the Rent Board staff cannot give legal advice concerning these issues. Please consult an attorney or appropriate agency for specific advice.

    Visit the San Francisco Rent Board for Most Current Information

    San Francisco Rent Board Fee Amounts Current and Historic

    Allowable Rent Board Fees For San Francisco – For 2015 Landlord May Collect $18.50 From Tenant

    November 2015- Landlord May Collect $18.50 From Tenant

    Total San Francisco Rent Board Fee for the 2016-17 Tax year is $37.00.  Chapter 37A of the San Francisco Administrative Code allows the City to collect a per-unit fee for each residential dwelling unit that is subject to the Rent Ordinance. This fee funds the cost of operating the Rent Board. Fee is billed to the landlord each year on the property tax statement. The law permits landlord to collect a portion of the Rent Board fee from those tenants in occupancy as of November 1st of each year. A landlord is allowed to collect 50% of the cost of the fee from the tenant. if you have not collected rent Board fees in the past, you can collect back to 1999.

    ReLISTO provide both landlords and tenants a easy to use calculator which makes calculating the rent board fee and security deposit interest a snap. Use the links in the table to visit.

     

    ALLOWABLE RENT BOARD FEE PAYABLE TO LANDLORD

    Date Range Due Date Payable Board Fee Calculator
    2015-2016 $18.50 Nov 1, 2015 Calculate
    2014-2015 $18.00 Nov 1, 2014 Calculate
    2013-2014 $14.50 Nov 1, 2013 Calculate
    2012-2013 $14.50 Nov 1, 2012 Calculate
    2011-2012 $14.50 Nov 1, 2011 Calculate
    2010-2011 $14.50 Nov 1, 2010 Calculate
    2009-2010 $14.50 Nov 1, 2009 Calculate
    2008-2009 $14.50 Nov 1, 2008 Calculate
    2007-2008 $13.00 Nov 1, 2007 Calculate
    2006-2007 $11.00 Nov 1, 2006 Calculate
    2005-2006 $10.00 Nov 1, 2005 Calculate
    2004-2005 $11.00 Nov 1, 2004 Calculate
    2003-2004 $21.50 Nov 1, 2003 Calculate
    2002-2003 $21.50 Nov 1, 2002 Calculate
    2001-2002 $16.00 Nov 1, 2001 Calculate
    2000-2001 $16.00 Nov 1, 2000 Calculate
    1999-2000 $16.00 Nov 1, 1999 Calculate

     

     

     

    Certain dwelling units are exempt from the Rent Board fee, including owner-occupied units where no tenants also reside with the owner in the unit. Units where the rent is controlled or regulated by a government agency, including Section 8 certificate and voucher programs administered by the San Francisco Housing Authority, are also exempt from payment of the fee. Refer to Section 37A.1 of the Administrative Code for a complete list of exemptions. Chapter 37A is available for review at the Rent Board’s office. It can also be found on our website at www.sfrb.org.

    Landlords may “bank” the Rent Board fee since November 1999 and collect it in a later year. This means that a landlord does not have to collect the fee in the year that it was due, but is entitled to collect the Rent Board fee in later years if they so desire. Banking only applies to fees assessed from November 1999 on. A list of prior Rent Board fees since 1999 is available at the Rent Board’s office and on our website at www.sfrb.org.

    Section 37A.6 of the Administrative Code allows the landlord to recover 50% of the Rent Board fee from the tenant by deducting it from the security deposit interest payment due to the tenant each year. If there is no security deposit held by the landlord, then the landlord may bill the tenant directly. Landlords who pay the security deposit interest annually may bill for the Rent Board fee separately rather than deducting it from the interest payment owed.

    The billing statement must specifically state the fee amount owed by the tenant for each year and the amount, if any, of security deposit interest due the tenant for each year owing. The bill should also state that the purpose of the fee is to fund the Rent Board, and that the fee is due and payable within 30 days of the date of the bill. Use ReLISTO’s Calculator to print out this  summary!

    Rincon Top Floor 3D Tour- Working with local Start-Up

    One Rincon Hill South Tower as of this writing is still the tallest all residential building in San Francisco. At 60 Stories, it also has claim to the most floors of any building in San Francisco.

    ReLISTO recently teamed up with a local start up who is testing out a new 3D virtual camera and software. The results can be seen below. Enjoy!

    To see a full page view of the image click here