Laid off in the Bay Area

So I suppose this question isn't entirely CS Career related, but here's the background: yesterday, without notice, my mid-sized company laid off 55% of the employees, including me. They're paying for the next 3 months, but after that I'm toast. I have 1.5 years experience with a CS degree from a target school, my experience is SWE work but my title does not imply SWE. I've been studying for interviews for months now.

Literally the day before I got laid off, I signed a 1 year lease on a room in San Francisco that ain't cheap. I can't stay in my current apartment. If I can't get a job in 3 months the rent is going to eat my savings before August. I might be able to move into a friends' old room that is cheaper in the peninsula, but I already signed the lease. What do I do.

How long will it take me to get a new job in the Bay Area? Should I try to back out of my new lease to try for the more affordable one for extra buffer time?