Thinking About "Renting Out Your Home in San Francisco"? Here is What You Need to Know
Channel: Gordon Property Management
Date: 2012-01-27

http://www.gpmsf.com/thinking-about-renting-out-your-home-in-san-francisco-here-is-what-you-need-to-know/

Renting out your home in San Francisco is not as simple as it may seem. The most important thing to know is that your ability to terminate a tenancy in San Francisco is limited. Single family homes and condominiums are exempt from San Francisco's rent control ordinance, but they are not exempt from eviction controls. Although the state of California passed the Costa-Hawkins Rental Housing Act which exempts single-family homes and condominiums from local rent control ordinances, it did not exempt homeowners from San Francisco's just cause eviction provisions. Home owners need to establish what their long-term plans are for the home before they will be able to decide if renting out the home is the right decision.

Do you plan to rent out your home for a short term while you are on assignment in another city or country? Do you plan to move back into your home at some point? Are you planning to move away and sell your home eventually? It is important to know the answers because it is relatively easy -- although expensive -- to move back into your own home. It is not so easy to have tenants vacate in order to sell a home.

If you plan to move back into your home at some point, you can do what is known as an owner move in eviction. You will probably need a lawyer (which can cost about $2,500) and you need to pay a relocation fee of about $5,100 per tenant (although there is a maximum fee of around $15,000 in most circumstances). The rules allow an owner to do an owner move in eviction as long as they plan to stay in the home for at least 3 years after the eviction. If the tenants have been in the home for at least one year they need to be given at least 60 days notice.