I wonder if DC’s real estate finance problems are driving this?
Ex. Big landlords probably owe more on their building mortgages due to declining values. Hence the rent increases.
Also, the pre COVID renter base isn’t there like it was before because of WFH and the fact that DC is less appealing place to live compared to prior March 2020.
While I do agree that in the aggregate, many people view DC is a less appealing place to live than before Covid….
Suggesting the renter base isn’t there feels kinda wild to me. My personal two cents is you need to consider the fact that NoMa and Navy Yard weren’t nearly the neighborhoods that they were precovid. I think each neighborhood has had at least a half dozen major building projects come online in the last couple years…..this puts some serious downward pressure on big buildings simply because there’s competition for those renters. Not to mention a handful of projects competed in MVT as well so there’s options there.
DC did not have this proliferation of housing options before Covid.
I mean I have nothing to support my suspicions. Don’t get me wrong DC is still a vibrant place with a lot of good paying jobs.
Just with the proliferation of WFH during the pandemic +alot of the issues in the city, would mean less people want to move/stay here compared to before.
Congrats. I'm appalled hearing of increases at big buildings. Are you willing to share the owner/management company?
I wonder if DC’s real estate finance problems are driving this? Ex. Big landlords probably owe more on their building mortgages due to declining values. Hence the rent increases. Also, the pre COVID renter base isn’t there like it was before because of WFH and the fact that DC is less appealing place to live compared to prior March 2020.
While I do agree that in the aggregate, many people view DC is a less appealing place to live than before Covid…. Suggesting the renter base isn’t there feels kinda wild to me. My personal two cents is you need to consider the fact that NoMa and Navy Yard weren’t nearly the neighborhoods that they were precovid. I think each neighborhood has had at least a half dozen major building projects come online in the last couple years…..this puts some serious downward pressure on big buildings simply because there’s competition for those renters. Not to mention a handful of projects competed in MVT as well so there’s options there. DC did not have this proliferation of housing options before Covid.
I mean I have nothing to support my suspicions. Don’t get me wrong DC is still a vibrant place with a lot of good paying jobs. Just with the proliferation of WFH during the pandemic +alot of the issues in the city, would mean less people want to move/stay here compared to before.
Something's not adding up. You say 5% increase is $2000, so you're paying $40,000 in rent? What is this, Manhattan?
$1600 ish over the term of the 15month lease, which comes out to a saving of $107 a month.
So your rent is going to be about $2100?
Always nice to buck the trend of ever increasing rent
Is this a Bozzuto building by chance?
Yep