December 6, 2011
The Number One Sign Your Land Use Controls Might be Too Restrictive. . .
. . . landlords can get away with charging a $40 application fee to anyone interested in renting an apartment. In San Francisco, a very tight rental market has allowed landlords to milk thousands of dollars from desperate prospective tenants:
At a “nice” $3,500-per-month loft in the Mission, “80 people showed up for the open house,” said Ms. Lamas, 23, who recently began working at a tech company in SoMa. “And the landlord said to me that he’d gotten 250 applications.” The cost of applying was $40, so if the landlord wasn’t exaggerating, he grossed $10,000 in application fees.
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In such a competitive market like San Francisco you have to think that this propety manager/owner went a little overboard. Sure, props to him for making money, but in all fairness he could have had a cutoff point and said that he was no longer accepting applications? Maybe a waiting line for application submission and possibly just process 2 or 3 at a time?
Posted by: Clint Rowley | Jan 9, 2012 7:39:12 AM