Apartment Hunting in San Francisco in 2014
December 5, 2014 6:30 PM
(a.k.a welcome to another dimension!)
Ok so I'm finally doing it. I'm going to leave my loud, crowded, pot-smoke-infested, multi-roommate house in SF and get my own apartment, where I'm not afraid to open the refrigerator or bring dates. I have a stable professional job and very good income. I don't smoke. I'm quiet. I have great references.
Wait, not so fast...
I realize finding an apartment right now is a numbers game on par with OkCupid (maybe worse), and while I do have some things going for me, I have a few things...er....not. Like:
1. My credit score is about 600. When I lost my last job five years ago, I quit paying my four credit cards and...just...never started again. The total amount in collections now is about $12K. I could easily pay them off, but I'm scared to even touch this. I know this is horrible, irresponsible, and 100% my fault. I don't know how to start facing it in a way that won't ruin my credit for another seven years.
1a. I have made every student loan payment on time for the past fifteen years, so that's good.
2. How can I use my current landlord as a reference when I don't want her to know I'm moving yet? She would be a good reference, but I'm worried that if she knows I'm looking to move, she'll try to get me out ASAP to find a higher-paying tenant. My current lease is month-to-month.
3. The landlord I had before my current one is nowhere to be found. I've tried calling and e-mailing her to no avail. I was renting directly from her, not a rental company. She would be an excellent reference...if I could find her.
3a. I left my third-to-last apartment due to the aforementioned job loss. I was honest with my landlord that I needed to move because I couldn't afford the place anymore, and he was eager to get me out in favor of a much (much) higher-paying tenant. I was on a month-to-month lease. Before the job loss, I paid my rent on time, every time for eight years at this place. I have no idea what kind of reference this would lead to. It's a large(ish) apartment management company.
On the bright side:
1. I made just over 100K a year at my professional big corporation job that I've been at for three years now. I could get amazing references from my manager and co-workers. I think my job is pretty stable and I was recently promoted.
1a. I have about 25K in a savings account and 150K in stock that will vest over the next two years.
2. I'm good at showing up in a suit and acting mature and professionial. I have a rental resume all written up with contact info, previous addresses, references, employment and salary information, etc.
3. I don't smoke (anything), drink, do drugs, throw large parties, or have any pets. I am ridiculously clean. All previous roommates are willing to confirm this. Would love to adopt a cat at some point, though.
So I guess here are my questions:
1. Am I completely screwed because of my credit score and inability to locate one former landlord? If yes, how do I even start fixing this? I am scared that if I contact the collection agencies to pay stuff off, it will "restart the clock" and this stuff will stay on my report for another seven years. I realize at this point, with my income, it's bad/immoral/there is absolutely no excuse not to pay these debts, and maybe I deserve to have shitty credit for seven more years even if I pay them off tomorrow. However, I don't feel like I should be punished by not being able to rent an apartment for several more years. (Obviously opinions may differ on this.)
2. I don't know how to deal with using my current landlord as a reference. It's like using your current employer as a reference, I guess? How have you managed this?
3. If you have successfully rented an apartment in San Francisco this year under any circumstances similar to mine, please...just...hope me. I haven't even started replying to Craigslist ads yet and I'm scared. My budget is up to $2500.
I realize finding an apartment right now is a numbers game on par with OkCupid (maybe worse), and while I do have some things going for me, I have a few things...er....not. Like:
1. My credit score is about 600. When I lost my last job five years ago, I quit paying my four credit cards and...just...never started again. The total amount in collections now is about $12K. I could easily pay them off, but I'm scared to even touch this. I know this is horrible, irresponsible, and 100% my fault. I don't know how to start facing it in a way that won't ruin my credit for another seven years.
1a. I have made every student loan payment on time for the past fifteen years, so that's good.
2. How can I use my current landlord as a reference when I don't want her to know I'm moving yet? She would be a good reference, but I'm worried that if she knows I'm looking to move, she'll try to get me out ASAP to find a higher-paying tenant. My current lease is month-to-month.
3. The landlord I had before my current one is nowhere to be found. I've tried calling and e-mailing her to no avail. I was renting directly from her, not a rental company. She would be an excellent reference...if I could find her.
3a. I left my third-to-last apartment due to the aforementioned job loss. I was honest with my landlord that I needed to move because I couldn't afford the place anymore, and he was eager to get me out in favor of a much (much) higher-paying tenant. I was on a month-to-month lease. Before the job loss, I paid my rent on time, every time for eight years at this place. I have no idea what kind of reference this would lead to. It's a large(ish) apartment management company.
On the bright side:
1. I made just over 100K a year at my professional big corporation job that I've been at for three years now. I could get amazing references from my manager and co-workers. I think my job is pretty stable and I was recently promoted.
1a. I have about 25K in a savings account and 150K in stock that will vest over the next two years.
2. I'm good at showing up in a suit and acting mature and professionial. I have a rental resume all written up with contact info, previous addresses, references, employment and salary information, etc.
3. I don't smoke (anything), drink, do drugs, throw large parties, or have any pets. I am ridiculously clean. All previous roommates are willing to confirm this. Would love to adopt a cat at some point, though.
So I guess here are my questions:
1. Am I completely screwed because of my credit score and inability to locate one former landlord? If yes, how do I even start fixing this? I am scared that if I contact the collection agencies to pay stuff off, it will "restart the clock" and this stuff will stay on my report for another seven years. I realize at this point, with my income, it's bad/immoral/there is absolutely no excuse not to pay these debts, and maybe I deserve to have shitty credit for seven more years even if I pay them off tomorrow. However, I don't feel like I should be punished by not being able to rent an apartment for several more years. (Obviously opinions may differ on this.)
2. I don't know how to deal with using my current landlord as a reference. It's like using your current employer as a reference, I guess? How have you managed this?
3. If you have successfully rented an apartment in San Francisco this year under any circumstances similar to mine, please...just...hope me. I haven't even started replying to Craigslist ads yet and I'm scared. My budget is up to $2500.
December is a great time to move. We've done it twice in SF. Nobody wants to move in December, so there is way less competition. Last year we moved into literally the first place we looked at - and we got the landlord to go down $100 on the price. We did have to show a credit score, but honestly my landlord is pretty chill and if we had explained the credit score and showed pay stubs he probably wouldn't have cared. I am sure he didn't call any references.
Don't worry about using your current landlord as a reference. It's not like he's going to evict you because you're looking (and this is San Francisco, it's very hard to evict anyone!).
posted by radioamy at 7:00 PM on December 5, 2014
Don't worry about using your current landlord as a reference. It's not like he's going to evict you because you're looking (and this is San Francisco, it's very hard to evict anyone!).
posted by radioamy at 7:00 PM on December 5, 2014
I totally understand wanting your own apartment, but another possibility might be finding a roommate who is more compatible--mature, clean, quiet, one person, etc. I think it's a lot easier to get approved by a roommate than by the landlord directly.
(I don't have direct experience with debt, but I've heard that you can write a letter of appeal to the creditor/collection agency to get it removed from your credit report after paying it off. Morally, this is just me, but I really think you should pay the debt! And if you can get it written off early through appeal, then you can start to quickly repair your score).
posted by three_red_balloons at 7:42 PM on December 5, 2014
(I don't have direct experience with debt, but I've heard that you can write a letter of appeal to the creditor/collection agency to get it removed from your credit report after paying it off. Morally, this is just me, but I really think you should pay the debt! And if you can get it written off early through appeal, then you can start to quickly repair your score).
posted by three_red_balloons at 7:42 PM on December 5, 2014
The internal debate about the credit card debt sounds really stressful. But! Maybe with all the other positives and your clear ability to pay rent reliably your credit score won't be a dealbreaker--who knows? I would submit applications for some apartments before you let yourself stress out more about what to do with the credit card debt. Especially since it sounds like you already have your ducks in a row in terms of applications/rental resumes, and as radioamy said, December is a good time to rent an apartment. Maybe you'll luck out and then choosing how to handle the credit card debt issue won't be such a big deal.
P.S. There are some gorgeous-looking 1-brs in Haight Ashbury (not that far from Cole Valley) in your price range listed on craigslist with open houses tomorrow. You wouldn't even have to respond to the ads so that's one less source of stress.
posted by needs more cowbell at 7:43 PM on December 5, 2014
P.S. There are some gorgeous-looking 1-brs in Haight Ashbury (not that far from Cole Valley) in your price range listed on craigslist with open houses tomorrow. You wouldn't even have to respond to the ads so that's one less source of stress.
posted by needs more cowbell at 7:43 PM on December 5, 2014
We manage to rent houses (in California, though not Northern) with a foreclosure, dinged credit, one fulltime job between the two of us and three large dogs.
You just apply. If you can provide a cover letter explaining that your credit is low due to a job loss several years ago, but you have 25K in savings and 100K income and you can provide references of on-time rent payment until you were released from your lease, and a reference from your manager, you're going to come off a lot less sketchy than a lot of people. I mean, if you had money falling out your ass, you'd be buying, not renting, right?
Do not let this freak you out. I know it's a tight market, but give yourself 2 weeks to apply and see if you're really in trouble or not. Do not resurrect old debt.
posted by Lyn Never at 8:08 PM on December 5, 2014
You just apply. If you can provide a cover letter explaining that your credit is low due to a job loss several years ago, but you have 25K in savings and 100K income and you can provide references of on-time rent payment until you were released from your lease, and a reference from your manager, you're going to come off a lot less sketchy than a lot of people. I mean, if you had money falling out your ass, you'd be buying, not renting, right?
Do not let this freak you out. I know it's a tight market, but give yourself 2 weeks to apply and see if you're really in trouble or not. Do not resurrect old debt.
posted by Lyn Never at 8:08 PM on December 5, 2014
The best time to look is in December and January. You'll end up paying less than other people in the building, possibly, and less people are looking. There are a ton of new developments along Harrison Street and Folsom Street near the waterfront. I might look at the those places. I think at least some (maybe studios rather than one bedrooms) are in your price range. Personally, I find craigslist exhausting and I prefer to just go to a really large apartment complex and ask what they have available for my budget and move-in date. As far as your bad credit, places may just ask for a higher deposit or something. Unless you have a history of evictions and criminal record, I imagine mid-range places won't reject you. Luxury places, maybe, but not normal places. Maybe I'm wrong.
posted by AppleTurnover at 8:54 PM on December 5, 2014
posted by AppleTurnover at 8:54 PM on December 5, 2014
My credit wasn't great and all they asked was for an increased deposit which was fine. Granted it was San Mateo but mine wasn't great, pretty close to yours and it was just extra cash up front.
posted by Carillon at 9:47 PM on December 5, 2014
posted by Carillon at 9:47 PM on December 5, 2014
If you pay that debt now, your score will still be low for a long time, but anyone looking at the report will be able to see that you cleared your debt and met your obligation. Whereas if you apply to an apartment whose landlord sees that you still owe 12k, are capable of paying it, but haven't paid it, they might have questions. If you wanted to rent an apartment from me, I'd ask you why you don't pay it. I'd also wonder if I'd have problems getting you to pay rent even though you have the means.
There's more to credit reporting than just a numerical score.
posted by ImproviseOrDie at 2:23 AM on December 6, 2014
There's more to credit reporting than just a numerical score.
posted by ImproviseOrDie at 2:23 AM on December 6, 2014
Do you have access to online banking? Pull up the records showing your cashed rent checks every month in lieu of a reference from your current landlord.
posted by juliplease at 7:27 AM on December 6, 2014
posted by juliplease at 7:27 AM on December 6, 2014
Disclosure: my family has been in the San Francisco rental business for over 40 years.
Improviseordie has it right. Landlords care more about seeing debt paid off than they do about credit scores. They are much more concerned about someone skipping out on rent, which unpaid debt is a red flag for.
Given your current income and savings, as well as having at least two out of three positive landlord references, should put you well ahead of the curve in terms of being able to rent an apartment.
posted by echolalia67 at 9:23 AM on December 6, 2014
Improviseordie has it right. Landlords care more about seeing debt paid off than they do about credit scores. They are much more concerned about someone skipping out on rent, which unpaid debt is a red flag for.
Given your current income and savings, as well as having at least two out of three positive landlord references, should put you well ahead of the curve in terms of being able to rent an apartment.
posted by echolalia67 at 9:23 AM on December 6, 2014
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They have two units available for around $3,000. Not bad for a 2/1 in a pretty spectacular setting. A bit more than you want to spend, but you could probably get the unit easily. No rent stabilization though. Just a thought.
I got my apartment in Oakland in a gorgeous building off of Lake Merritt by letting friends know that I was looking. I was picked for the unit, it never went on the market. I loved living in that building!
Another thing to do is walk the neighborhood and look for For Rent signs.
Do you have a neighborhood you prefer?
Come with your credit report, and see if you can put a large deposit down, or if you have the dough, escrow a year's worth of rent. (or as little as you'd think it would take to secure the joint.)
As for the credit, you could pay the debts and be done with it. In seven years, they'll be off your report.
posted by Ruthless Bunny at 6:55 PM on December 5, 2014