Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
We are kind of advising them to look in central DC, we are advising them to look in the more residential neighborhoods for housing.
I used to rent a house in central DC, and it was always a madhouse looking for a place to rent. Almost every house you end up in competition with at least a dozen different applicants for a house. I am not saying there is not more rentals, but the rental houses in no way meet the demand for them. It always took me longer to find a good rental house (6 months) than to find a house to buy (2-3 weeks looking) in NW or NE. A big reason I bought was because I never want to go through the process of renting a house in DC ever again. It was the single most unpleasant set of experiences in my life. I remember lining up just for open houses to be one of a two dozen applicants for a house. We got chosen because of our credit and job history. Calling this process easy is an overstatement. It was far easier buying. Again, the demand for houses, rental or to purchase, is high in DC. But the rental market is far worse.
Renting near the core was absolutely insane, and was a big reason we did end up buying where we did in DC. In addition to the fact that neighborhoods are quiter, safer, more spacious. I bought a house further north (not in 16th st heights, but further north) and still close to the red line and amenities, because I just didn't want to compete for rental housing anymore. But you are right about houses in those two neighborhoods, there is not much in terms of a flow of inventory in either neighborhood because people do not move very often. Rentals are scarce as well. I kind of chalk it up to people actually liking these ward 4 neighborhoods though.
Maybe this is just the effect of being older, but I rather not fight people who want to form group houses in the rental market filled with sub-par houses.
I don't think it's that difficult. We've had tenants who have left us to live in other places in the city (in houses in other parts of the city).
An open house in May and early June will look nothing like an open house in September and October. As transient as DC is, it can be very difficult to rent a place after Labor Day. By that time, most people have settled into a new place and fewer and fewer people go on the hunt for housing as the air temperature begins to chill. During the winter months, the balance of power shifts towards renters, especially with so much new construction. During the warmer months, it shifts back to landlords.
DC loses around 10% of its population each year (and it's replenished by new transients each year). Many of them live in houses, not just new buildings and basement apartments. Before the big gentrification boom, that's where a lot of Howard, Catholic, etc. students lived. A lot of them still rent houses.
I don't think it's that difficult. We've had tenants who have left us to live in other places in the city (in houses in other parts of the city).
An open house in May and early June will look nothing like an open house in September and October. As transient as DC is, it can be very difficult to rent a place after Labor Day. By that time, most people have settled into a new place and fewer and fewer people go on the hunt for housing as the air temperature begins to chill. During the winter months, the balance of power shifts towards renters, especially with so much new construction. During the warmer months, it shifts back to landlords.
DC loses around 10% of its population each year (and it's replenished by new transients each year). Many of them live in houses, not just new buildings and basement apartments. Before the big gentrification boom, that's where a lot of Howard, Catholic, etc. students lived. A lot of them still rent houses.
Let me be clear it IS that difficult for rental houses, again you are renting out a house, but you are not the one who tried to put up with finding one. It doesn't matter what time of year, I have done it during the winter months, the fall months, the summer months, and the spring, for houses renting is hyper competitive almost year round. Far more difficult than buying a house. If there is not much interest in a house up for rent, it is usually in terrible shape. But if a house is well located (close to the metro) and in good shape...it's murder out there. Never mind if the house has some crazy amenities such as more than 2 bathrooms or a nice finished basement.
For buying a house in DC there is a cycle as well, August seems to be the best month because many people vacation in August. Fewer people are looking, The spring is horrible though, way too many people looking way to competitive. Winter months can be good to look too.
For apartments....it is FAR easier, especially with all of the new units going up. I can get an apartment in a matter of days. It used to be far harder, but that has not been the case for four years.
To me buying you end up with far better houses, with less competition if you are looking at the right time. But renting...shudders.
With that being said, both the purchase and rental market for houses in DC is very tight with lots of competition because of a relatively fixed supply in desirable areas. They are building more apartments, and possibly more condos, but not necessarily a ton of new row homes or SFH.
Let me be clear it IS that difficult for rental houses, again you are renting out a house, but you are not the one who tried to put up with finding one.
Says who? We were renters before we were owners.
Quote:
Originally Posted by DistrictSonic
To me buying you end up with far better houses, with less competition if you are looking at the right time. But renting...shudders.
It's generally the opposite. We live in a really nice brownstone and pay only a fraction of what it would cost to own it (even a section of it). If we wanted to own something, we'd have to move farther out to a less desirable area in a house that's far less aesthetically appealing than the one we currently live in.
DC is not much different.
Last edited by BajanYankee; 05-13-2015 at 02:53 PM..
It's generally the opposite. We live in a really nice brownstone and pay only a fraction of what it would cost to own it (even a section of it). If we wanted to own something, we'd have to move farther out to a less desirable area in a house that's far less aesthetically appealing than the one we currently live in.
DC is not much different.
This is not necessarily the case with DC though, and it depends on what you value and your budget. Right now you are going to end up with paying less in mortgage payments than you are in rental payments if you buy. It is usually better housing stock as well. DC is not necessarily NYC or SF pricing just yet.
Again in terms of the urban core, it really depends what you are looking for if one is further away. DC is not that big. There is a big difference to in metro proximity and neighborhood walkability. Again we wound up with a nicer house in a better neigborhood paying less than our renting a house that was smaller, and lacked good amenities within walking distance. DC can be weird that way.
With that being said, I am not sure this is going to last, and the equation could go the other way over time. DC just eclipsed the $500k mark for median home sales, two years ago this was below $450k. 3BR now almost always go for $550k west of the river. Rentals for 3BR are typically above $3000.
The problem is these things change so fast in DC, it is hard to keep up with them, so month to month the equation can swing back and forth. It slowed down for a couple of years there, but it has been picking up again. This is why if somebody plans to stay here for more than 5 years, I say buy, because DC is so unpredictable it at least stabalizes things.
This is not necessarily the case with DC though, and it depends on what you value and your budget. Right now you are going to end up with paying less in mortgage payments than you are in rental payments if you buy. It is usually better housing stock as well. DC is not necessarily NYC or SF pricing just yet.
I'm not sure why you think buying means an upgrade in most cases. For us, it meant a downgrade. I feel that buying requires compromises in housing quality, location and amenities that renting generally doesn't. Your experience may be different.
We are definitely feeling the impact of the new units in DC. While there are some people who are focused exclusively on renting SFHs, I think renters tend to be more flexible about their accommodations than buyers. We usually get a group of students or young professionals who just need a certain number of bedrooms and will live in a house or an apartment. So the new buildings are to some degree taking away potential renters from us. If you are a renter, this makes your life easier.
Buyers aren't as flexible. Most people have already made up their mind about the kind of housing they want. There are few people who want a 3 bedroom rowhouse who get charmed into buying the 3 bedroom condo instead. So new condo construction has little impact on the fee simple market because you're generally dealing with different types of buyers. So overall, the fee simple market is much tighter than the rental market (for condos or houses) because there is absolutely nothing that can relieve the demand.
It's all the same here if not even more competitive. I think the D.C. and Hawaii markets are very similar. I'm still looking around on the mainland - don't get me wrong, Hawaii is wonderful! And if we do end up moving, we're going to try very hard to not have to sell our house, because investing in real estate in Hawaii is ALWAYS a good idea; our market just goes up and up and up, and owning a house here that we can sell when we retire would contribute significantly to our nest egg. But living in Hawaii, it's expensive to travel; and all my immediate family is on the mainland. With an aging mother who was recently widowed and who is not interested in moving to Hawaii, I am motivated to find something closer to where she currently lives - someplace where it won't take three plane legs, two stopovers and a three hour drive (over 20 hours!) to get to her rural location!
I'm not sure why you think buying means an upgrade in most cases. For us, it meant a downgrade. I feel that buying requires compromises in housing quality, location and amenities that renting generally doesn't. Your experience may be different.
We are definitely feeling the impact of the new units in DC. While there are some people who are focused exclusively on renting SFHs, I think renters tend to be more flexible about their accommodations than buyers. We usually get a group of students or young professionals who just need a certain number of bedrooms and will live in a house or an apartment. So the new buildings are to some degree taking away potential renters from us. If you are a renter, this makes your life easier.
Buyers aren't as flexible. Most people have already made up their mind about the kind of housing they want. There are few people who want a 3 bedroom rowhouse who get charmed into buying the 3 bedroom condo instead. So new condo construction has little impact on the fee simple market because you're generally dealing with different types of buyers. So overall, the fee simple market is much tighter than the rental market (for condos or houses) because there is absolutely nothing that can relieve the demand.
This makes a bit more sense, and I can see it happening. When we were looking for rental houses it was before the flood of new apartments came online.
You are right though, when we were looking to buy a house, it had to be a house (Townhouse, rowhouse, SFH). So the entire calculation is a bit different, because a multi-family condo building was not on our radar at all.
I would look in zip 20011, for a detached SFH. I think its doable in your price range. Biggest issue will be public transportation--but driving you could get to georgetown in about 30 minutes, taking rock creek park.
Good luck!
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
