Why is rent for private rooms in Bay Area so cheap ($500-750/mo)?
I am looking through craigslist rooms & shares and many people are advertising private rooms for rent in Bay Area for $500-$700/mo. Why are the room rent prices so cheap? Are private room rental prices not as competitive due to high supply and lower demand?
These are rooms in extremely high housing price places such as San Jose, Palo Alto, Fremont, etc.
I am looking at the Houston rental market too and the prices are basically the same for private room rentals $500-$700/mo.
@Tom Smith - some craigslist ads are scams. When I tried to find a place for my friend, I ran into a lot of fake posts. Hi I’m Sally I’m a travel nurse. Just western union me money... I get $750 for a room in a DC suburb, much less awesome than San Fran. Maybe these are shared rooms like bunk beds??
They are either scams or they are illegal units.
It does sound very cheap since they are higher in L.A now definitely can’t find a room for $500 especially even in a lower end area so I wouldn’t be surprised if those $500 ones especially are scams .
Of course many of these homeowners bought their homes years ago when prices were a fraction of the cost they are now and might have their homes paid off or a small mortgage .
If they are “empty nesters” and kids have grown up and moved out renting out a room or two could help them pay bills or put money towards retirement etc .
Sounds phony to me......$1K+ here or more.
I'm an “empty nesters” and with a child moving out to college in the fall. I'm looking to rent out a room or two to househack. I'm in the Fremont area and a room here can range from $1300-1500 a month.
Oh my. I’m renting rooms in my house for $725-$850 with paid utilities. I guess I’m below market