Synonymous with technology, Silicon Valley has maintained its reputation as America’s premier tech hub.
But this incredible success brought unintended consequences, flooding the San Francisco Bay area with aspiring professionals looking to found startup companies and capitalize on the boom.
This influx had a detrimental effect on the housing market. With the appeal ofSilicon Valley’s prestige, property values skyrocketed, benefiting some investors, but making entry all but impossible for those looking to purchase a home. The problem persists to this day, with some considering it insoluble.
Fortunately for those who can’t afford Silicon Valley’s ludicrous property prices, cities in other states are quickly emerging on their own merit, making contributions to the industry that have attracted the attention of investors and professionals alike. Moving to a tech hub is no longer such an unrealistic goal.
In this article, we’ll show young men and women how to find an apartment in one of America’s latest tech hubs.
Though these cities aren’t as inextricably linked with computer programming and engineering as Silicon Valley, they have just as much potential, and the first step to making a mark is acquiring proper housing.
Solutions for Affordability
As the area continued to grow, those looking to move to Silicon Valley found it wasn’t within their budget. In the up-and-coming tech hubs of the United States, affordability is less of an issue, but it still presents a challenge to young people who haven’t saved enough to make the transition.
Renting in a popular metro area is far more expensive than renting elsewhere, and a tenant should prepare to search through units outside their budget. They shouldn’t let it discourage them, however, as there are several methods they can use to alleviate the pressure of costly rates.
1. Start a Dialogue
There are different techniques for finding an affordable unit in an emerging tech hub. Landlords are often willing to negotiate on damaged or less popular units, and savvy tenants can obtain housing at a reduced rate. As long as they know which points to touch on, a compromise is often possible.
2. Use a Search Site
For those who intend to move to one of the many tech hubs in Texas, like Austin, Dallas or Houston, there are sites to aid in the search process. These sites guide the user in finding the best neighborhood to suit their needs, showing them options within their price range to account for any financial restrictions.
Solutions for Availability
The United States has seen a significant drop in available housing, but the issue is particularly severe in the San Francisco Bay area. According to Zillow, the number of homes for sale has fallen by 27 percent during the past year, making limited inventory another problem for those interested in Silicon Valley.
Finding an apartment unit that meets specifications and expectations in the crowded market of a tech hub can prove exasperating. But there are ways to simplify the search process to account for the density of competition, so a lack of inventory doesn’t pose as much of an issue.
When seeking an available unit in one of America’s alternative tech hubs, it helps to approach the task with flexibility and a willingness to settle. In popular metropolitan areas, securing an available unit within a reasonable price range is difficult, so tenants should prepare to do without some inessential luxuries.
4. Consider Schedule
Young professionals will also find certain months are better than others when making their move. March and April are both excellent months for apartment hunting, with a more extensive selection of inventory and less competition from other renters. Shopping around at the right time can save unnecessary work.
The Tech Industry Continues to Grow
At the industry’s current pace of expansion, U.S. citizens can expect to see new tech hubs appear all across the nation. Silicon Valley is no longer the sole choice for those interested in software development and programming, and those in the sector have more options than ever in where they choose to relocate.
In Minneapolis, Philadelphia, Denver and other American cities, the spirit of innovation is alive and well. These thriving metros promise an opportunity for those with the motivation to pursue their goals — the same opportunity that Silicon Valley promised in its youth to hopeful young technophiles.
Though affordability and availability present genuine barriers, the most influential innovators have overcome far more difficult obstacles.
Last Updated on October 18, 2018.