I recently rented three properties and sincerely feel the hotness of the DC rental market.
The first one is a two bedroom condo. I rented it for only $1395 this time of the last year. Then the renter bought a house, so I increased to $1475 late last year. Now this renter is moving out so I advertised for $1500. Rented in a week.
The second one is a one bedroom condo. The current renter pays $1200. As he is moving out, I advertised for $1300. The third viewer took it and paid deposit.
The third one is a townhouse. I advertised for $1850 this time the last year and eventually rented for $2000 as the renter had a cat. She is now moving out so I advertised for $2150. The first viewer took it and will the application and deposit tomorrow. So, the asking price increased $300, which was more than 20% for this townhouse and rented out easily.
This is only mid March and the market is usually still inactive at this time of the year. What will happen in May? It will definitely much hotter.
If this trend continues for a couple of years, the majority of people will prefer buying than renting again.
The first one is a two bedroom condo. I rented it for only $1395 this time of the last year. Then the renter bought a house, so I increased to $1475 late last year. Now this renter is moving out so I advertised for $1500. Rented in a week.
The second one is a one bedroom condo. The current renter pays $1200. As he is moving out, I advertised for $1300. The third viewer took it and paid deposit.
The third one is a townhouse. I advertised for $1850 this time the last year and eventually rented for $2000 as the renter had a cat. She is now moving out so I advertised for $2150. The first viewer took it and will the application and deposit tomorrow. So, the asking price increased $300, which was more than 20% for this townhouse and rented out easily.
This is only mid March and the market is usually still inactive at this time of the year. What will happen in May? It will definitely much hotter.
If this trend continues for a couple of years, the majority of people will prefer buying than renting again.
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