Any other landlords noticing huge drops in rent??

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:That’s high for a condo. You can rent a house for that.

+1 I live in N Arlington a few blocks from a metro station and a small SFH just went up for rent near me for 4k.

4k/month for a condo is highway robbery. You got greedy OP. You tried to slide in a $75/month increase why? Just because you wanted to milk as much money as you could, but it backfired and now you’ve lost 4 months of rent and confining.

Does the SFH have a pool, gym, amenities? Do you have to pay for exterior landscape maintenance or do it yourself.

How is this apples to apples? You do realize most people that rent don’t want to rent a SFH.

If you are renting a SFH you can have the landlord responsible for landscaping or hire someone.

Fine, but once more...the vast majority of renters want amenities and not a SFH.

[Anonymous]

Anonymous wrote:

Anonymous wrote:My rent went up from 4400 to 5200 in 3 years for SFH (4 bedroom) at Fairfax, close to Braddock road. Overall, I am happy with it as I don't have to worry about any maintenance and landlord has been responsive. Rent in Fairfax has been going up for some time but nothing too crazy.

They are taking advantage of you.

How? The rent in that area sounds about right. I am in Mantua and pays $5000 for a 5 bedroom SFH since last year. Excellent neighborhood and tons of activities to do with low crime.

[Anonymous]

Anonymous wrote:OP you're just off season, it's November. Off season started mid July.

+1 We rented out a property in March for $3300 and had multiple applications the first weekend. Then our tenant had to leave suddenly so we put it back on the market in late September and just signed a lease yesterday for $3000. We have six rental properties and the only extended vacancy we’ve ever had was when our tenant left on Halloween - we didn’t get anyone new until mid January.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:My rent went up from 4400 to 5200 in 3 years for SFH (4 bedroom) at Fairfax, close to Braddock road. Overall, I am happy with it as I don't have to worry about any maintenance and landlord has been responsive. Rent in Fairfax has been going up for some time but nothing too crazy.

They are taking advantage of you.

How? The rent in that area sounds about right. I am in Mantua and pays $5000 for a 5 bedroom SFH since last year. Excellent neighborhood and tons of activities to do with low crime.

I love Mantua and Kings park west around braddock road in Fairfax.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Even with current rates you can buy a whole home for 4k / month. Why would anyone in their right mind spend that kind of money for some run down boomer condo in Montgomery county? You are delusional.

I don't get these posts. At current interest rates, with 20% down you are talking about a $750k house. That's not a house in the best parts of Montgomery County and nowhere near downtown Bethesda.

Also, that's just the mortgage payment. You also have property tax, homeowners insurance and then an expectation of annual maintenance. Your $4k/month is more like $5500 - $6000/month...and again, you aren't living in a dynamic place.

Finally, I assume your house doesn't come with a nice pool (maintained by someone else), a nice gym, maybe a nice clubhouse, rooftop deck, etc.

There are many empty-nesters that are happy to be done with SFH ownership and the interest they earn on selling their house more than pays for the $4000/month (or more like $3000/month) for a luxury downtown Bethesda rental.

Eh, disagree...I bought before interest rates spiked but pay 3400 monthly for mortgage and escrow and taxes for sfh in bethesda. I know empty nesters that own 1400 Sq ft coop, beautifully renovated, in further out bethesda ( not downtown) with building with indoor and outdoor pools, gym, restaurant, free parking, etc and no where close to 4k a month. This must be very large, luxurious and on top of metro

How is that relevant? You bought before interest rates spiked, so of course your 3400 was able to purchase far more house than today.

Even then, a $3400 mortgage payment (just principal and interest) at a 3% interest rate would equate to an $800,000 mortgage or a $1MM home value. Even 5-7 years ago, was anyone able to buy a decent SFH anywhere close to downtown Bethesda that didn't need tons of renovation for $1MM? I recall looking at nice houses near downtown Bethesda in like 20010 and it was hard to find a decent place for $1MM.

yes i'm in 20814 and paid under 900 in 2020... but THE OP clearly bought before then, aka paid even less for a condo and presumably equally good interest rate- so 4000k for a condo is crazy. also condo prices to buy don't rise that rapidly. i rented a condo for 7 years and at one point considered buying it from the landlord but it hadn't appreciated at all since she previously bought it and PITI was higher than my monthly rent. condos don't magically rise in cost just because inflataion

[Anonymous]

I own a condo at the lower end, 1 br for 1650, all utilities included. New hw floors, appliances during last 2-3 years. New bathroom about 5 years ago.
Prepandemic it was 1500. During pandemic, no rent increase because MoCo govt had rent freeze. HOA fees went up substantially because people were at home, using way more water, gas, electricity.
I sold a condo recently because tenant decided not to pay rent, and it took forever to get her out. She quit her well paying remote IT job to dabble in arts. And no, the capital gain wasn’t worth it. Could have made more with an index fund and less aggravation.

Once the current tenant of the above mentioned condo moves, I’ll sell

[Anonymous]

PP follow up: comparable units are asking up to 1900, but not sure they actually get that much.

[Anonymous]

Is your condo as nice as this top floor 2BR unit at the 4 year old Elm Apartment Building which sits on top of the Bethesda Metro? This apartment is renting for $4,000 per month.

https://redf.in/3Pju8q

[Anonymous]

Anonymous wrote:I own a condo at the lower end, 1 br for 1650, all utilities included. New hw floors, appliances during last 2-3 years. New bathroom about 5 years ago.
Prepandemic it was 1500. During pandemic, no rent increase because MoCo govt had rent freeze. HOA fees went up substantially because people were at home, using way more water, gas, electricity.
I sold a condo recently because tenant decided not to pay rent, and it took forever to get her out. She quit her well paying remote IT job to dabble in arts. And no, the capital gain wasn’t worth it. Could have made more with an index fund and less aggravation.

Once the current tenant of the above mentioned condo moves, I’ll sell

First you said I "SOLD" a condo then
I will sell.
Which is it ?

[Anonymous]

Anonymous wrote:

Anonymous wrote:I own a condo at the lower end, 1 br for 1650, all utilities included. New hw floors, appliances during last 2-3 years. New bathroom about 5 years ago.
Prepandemic it was 1500. During pandemic, no rent increase because MoCo govt had rent freeze. HOA fees went up substantially because people were at home, using way more water, gas, electricity.
I sold a condo recently because tenant decided not to pay rent, and it took forever to get her out. She quit her well paying remote IT job to dabble in arts. And no, the capital gain wasn’t worth it. Could have made more with an index fund and less aggravation.

Once the current tenant of the above mentioned condo moves, I’ll sell

First you said I "SOLD" a condo then
I will sell.
Which is it ?

I owned two and sold one. Still own the 1650.00/month, sold the one with delinquent tenant.
And will sell the one I still own, once the tenant moves out.

Look at tense and temporal adverb, ie I OWN, and I recently SOLD

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I own a condo at the lower end, 1 br for 1650, all utilities included. New hw floors, appliances during last 2-3 years. New bathroom about 5 years ago.
Prepandemic it was 1500. During pandemic, no rent increase because MoCo govt had rent freeze. HOA fees went up substantially because people were at home, using way more water, gas, electricity.
I sold a condo recently because tenant decided not to pay rent, and it took forever to get her out. She quit her well paying remote IT job to dabble in arts. And no, the capital gain wasn’t worth it. Could have made more with an index fund and less aggravation.

Once the current tenant of the above mentioned condo moves, I’ll sell

First you said I "SOLD" a condo then
I will sell.
Which is it ?

I owned two and sold one. Still own the 1650.00/month, sold the one with delinquent tenant.
And will sell the one I still own, once the tenant moves out.

Look at tense and temporal adverb, ie I OWN, and I recently SOLD

And I WILL SELL

[Anonymous]

Kindly, you are charging way too much. I pay $4,125 for my 1BR apartment in a nice part of Manhattan (with amenities). I grew up in Bethesda and wouldn’t even pay $4k for a 2BR in downtown Bethesda. And definitely wouldn’t consider anywhere else in Moco at that price.

[Anonymous]

Moco is going downhill with a lot of voucher housing and other handouts so I could see why people don't want to be there for high end properties. I know 3 families that have moved from MoCo to Nova.

[Anonymous]

Anonymous wrote:Is your condo as nice as this top floor 2BR unit at the 4 year old Elm Apartment Building which sits on top of the Bethesda Metro? This apartment is renting for $4,000 per month.

https://redf.in/3Pju8q

OP here. That's a good comp - thanks for sharing. My actual unit is nicer than that one, but location and views are probably slightly better in your comp. I think that unit would probably command a higher rent than mine.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:My rent went up from 4400 to 5200 in 3 years for SFH (4 bedroom) at Fairfax, close to Braddock road. Overall, I am happy with it as I don't have to worry about any maintenance and landlord has been responsive. Rent in Fairfax has been going up for some time but nothing too crazy.

They are taking advantage of you.

How? The rent in that area sounds about right. I am in Mantua and pays $5000 for a 5 bedroom SFH since last year. Excellent neighborhood and tons of activities to do with low crime.

I love Mantua and Kings park west around braddock road in Fairfax.

Looking for a 4/5 Br SFH in that area of Fairfax for either Laurel Ridge or other similar schools. Please let me know if someone has an idea for a good rental there.