WWYD? Capitol Hill scenario

[Anonymous]

We own a row home that is currently rented. The renters were supposed to extend their lease and stay until November, but due to a job loss, will vacate July 31 when their lease ends.

We are planning to move back into the home, but not until February or March.

If you were faced with a 4-5 month gap of no rental income, would you consider renting it for a shorter period? And potentially furnishing it during that time? Will anyone rent an unfurnished home for 6 months? Or for 4 or 5 months?

Our mortgage is expensive, but the current rent covers our mortgage….

[Anonymous]

Very large Cap Hill market for people renovating their home and looking to rent a house on the Hill for 3-6 months. You'll probably get a premium $$.

Post on MoTH.

[Anonymous]

You probably don't need to furnish it if you're able to rent to someone who is renovating. They'll want to move their own stuff in rather than paying for moving and storing.

[Anonymous]

If you price it right (a decent discount vs a normal lease) someone will rent it for 6 months. Short term rentals like that are appealing for families moving to the area who want to rent for a bit while taking their time hunting for a house to buy. Or there are people who come here for a fixed-term work assignment and they want to live in a house instead of a corporate apartment.

Just be extra extra careful that you’re renting to a trustworthy person who has solid finances, a plan and a reason to move out in the agreed timeframe. so you don’t end up with someone overstaying their welcome - DC’s laws are very tenant-friendly.

Might make sense to minimally furnish it, as in bed, couch, dining table, flatware plates cups and a pot and pan. just the basics. Renters (even good ones) tend to ding up the walls when moving big items in and out so that will help.

If you furnish it, don’t put anything in there that you really care about. Even decent renters will sometimes scratch and ding it up, leave cups on your wood table without a coaster, bend a few forks etc.

[Anonymous]

Try not furnishing. Try to get Hill staff.

[Anonymous]

If you rent it to someone who is renovating and their project runs long, what happens? Can you guarantee they’ll move out
at the agreed upon time, even if their own home isn’t ready?

[Anonymous]

honestly given how tenant friendly DC is, I would not risk renting it. except maybe thru friend or friend of a friend and with a very clear agreement that they must move out a month before you plan to move back in.

[Anonymous]

Anonymous wrote:Very large Cap Hill market for people renovating their home and looking to rent a house on the Hill for 3-6 months. You'll probably get a premium $$.

Post on MoTH.

+1.

We did this when doing a home reno on the Hill.

[Anonymous]

For the right price, someone will rent it unfurnished.

[Anonymous]

Someone will rent it if the price is right, BUT be prepared for the worst case scenario (renter not leaving) and you being unable to move into your home. November is not a good time to seek eviction as the weather begins to get colder. Worst case scenario of course, but you could end up doing cash for keys for the same amount you may earn and having someone in the property that damages it beyond what you earn.

If it were me, I would use the opportunity to renovate a few things that you've put off and don't want to do while you're in the house.

[Anonymous]

Anonymous wrote:Someone will rent it if the price is right, BUT be prepared for the worst case scenario (renter not leaving) and you being unable to move into your home. November is not a good time to seek eviction as the weather begins to get colder. Worst case scenario of course, but you could end up doing cash for keys for the same amount you may earn and having someone in the property that damages it beyond what you earn.

If it were me, I would use the opportunity to renovate a few things that you've put off and don't want to do while you're in the house.

Y'all worry too much!!

A family on the Hill doing a renovation isn't going to fail to pay rent, fail to vacate, or any of that stuff.

Do you think they want negative info reported to the credit bureau? Negative stuff on background checks for jobs and security clearances? Or just trash their reputation in a large but fairly close-knit neighborhood?

It'll be fine. You'll get top dollar for a shorter lease.

[Anonymous]

Another option is t’ornent to a visiting professor who is only here for the fall semester.

[Anonymous]

to rent *

[Anonymous]

Just did this as a Hill family renovating - we rented the neighbors empty unit at market rate. Win/win for all of us; we didn't pay inflated STR prices and had a place to put stuff. I suspect we took better care of the unit than rando's, and had every incentive to be respectful/courteous/reasonable because it's a neighbor.

Agree with posting on MOTH, but I found our unit in a neighborhood FB group

[Anonymous]

Anonymous wrote:Very large Cap Hill market for people renovating their home and looking to rent a house on the Hill for 3-6 months. You'll probably get a premium $$.

Post on MoTH.

Have a link to MoTH? Can't find it. Thanks