Drastic cut in prices and sudden availability in Apartment Rental place.

[Anonymous]

I just checked the apartment availability and prices for someone who will be moving into the area in the Fall,
I was shocked to see the difference from just few months ago. That whole place has been always impossible
to find the apartment. Now there are like 20 to choose from and the prices went down from 2500 to 2000 for
two bedroom and from 2000 to 1500 for one bedroom.

Wow. Is this wide spread because I have no idea about other places. This is just the one I happen to check for them.

[Anonymous]

You didn't link to the apartment building, didn't mention the city or location.

How are we supposed to know?

[Anonymous]

Um yeah. Welcome to Great Depression II.

[Anonymous]

where?

[Anonymous]

Anonymous wrote:I just checked the apartment availability and prices for someone who will be moving into the area in the Fall,
I was shocked to see the difference from just few months ago. That whole place has been always impossible
to find the apartment. Now there are like 20 to choose from and the prices went down from 2500 to 2000 for
two bedroom and from 2000 to 1500 for one bedroom.

Wow. Is this wide spread because I have no idea about other places. This is just the one I happen to check for them.

I am seeing the same thing - massive cuts in rental prices, many down to 2014 prices - check Zillow price history. Absolute bonkers. High-end end condos in Rosslyn seem to be cutting the fastest. DC prestige neighborhoods trying hang but already seeing many with 20% price cuts.

[Anonymous]

Way to provide zero perspective, OP. Some real info would be helpful to consider your observation.

[Anonymous]

Airbnb has had a real impact on the market.

[Anonymous]

Anonymous wrote:Airbnb has had a real impact on the market.

Yep, no surprise the rental market is moving fast. Some amazing deals to be had over the next couple or several months. The real estate market will of course be stickier, so remains to be seen if the much-heralded correction ever comes (I wish it would but don't think it will to a meaningfful extent in DC). Bottomline, renting in a hot city with lots of jobs is looking like an even better deal than before vs. buying. If you're in an area without rent control and can get that 30% discount might be a good time to lock in a 2 or 3-year lease if possible.

[Anonymous]

Before this crisis, we were looking to move into DC area luxury high rise. We toured a couple places and it was about $4000 for a 3 BR. Just this week, two places called us and said they lowered prices to $2500. We're no longer interested in apartment living though.

[Anonymous]

Here is an example:

https://www.zillow.com/homedetails/1555-N-Colonial-Ter-APT-601-Arlington-VA-22209/61182252_zpid/

An amazing, huge condo with private elevator access, worth around $1.4 million (plus condo fee) and they are asking (and almost certainly will not get) $4800/month. I used to live beside this building - it is top quality and one of if not the most desirable in Rosslyn.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Airbnb has had a real impact on the market.

Yep, no surprise the rental market is moving fast. Some amazing deals to be had over the next couple or several months. The real estate market will of course be stickier, so remains to be seen if the much-heralded correction ever comes (I wish it would but don't think it will to a meaningfful extent in DC). Bottomline, renting in a hot city with lots of jobs is looking like an even better deal than before vs. buying. If you're in an area without rent control and can get that 30% discount might be a good time to lock in a 2 or 3-year lease if possible.

You are spinning it.

[Anonymous]

Anonymous wrote:Before this crisis, we were looking to move into DC area luxury high rise. We toured a couple places and it was about $4000 for a 3 BR. Just this week, two places called us and said they lowered prices to $2500. We're no longer interested in apartment living though.

I'm with you - I was considering a full service building with a rooftop pool (love them!) - now...zero interest and all those amenities will be closed for the next year minimum.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Airbnb has had a real impact on the market.

Yep, no surprise the rental market is moving fast. Some amazing deals to be had over the next couple or several months. The real estate market will of course be stickier, so remains to be seen if the much-heralded correction ever comes (I wish it would but don't think it will to a meaningfful extent in DC). Bottomline, renting in a hot city with lots of jobs is looking like an even better deal than before vs. buying. If you're in an area without rent control and can get that 30% discount might be a good time to lock in a 2 or 3-year lease if possible.

You are spinning it.

Great analysis!

[Anonymous]

Anonymous wrote:Here is an example:

https://www.zillow.com/homedetails/1555-N-Colonial-Ter-APT-601-Arlington-VA-22209/61182252_zpid/

An amazing, huge condo with private elevator access, worth around $1.4 million (plus condo fee) and they are asking (and almost certainly will not get) $4800/month. I used to live beside this building - it is top quality and one of if not the most desirable in Rosslyn.

But...its been listed for rent since December.

Doesn't seem like anyone is interested in paying $5K/mo to rent in an old apartment-grade building in Rosslyn and I don't blame them.

I use say its top quality but none of the fixtures, design style or features say anything above basic to me?

Rooms are all carpeted.
Bathroom is outdated with old 90s style features.
Laundry room hasn't seen an upgrade in over a decade.
Tile in the kitchen with old oak cabinets.

It looks like a retirement community...

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Airbnb has had a real impact on the market.

Yep, no surprise the rental market is moving fast. Some amazing deals to be had over the next couple or several months. The real estate market will of course be stickier, so remains to be seen if the much-heralded correction ever comes (I wish it would but don't think it will to a meaningfful extent in DC). Bottomline, renting in a hot city with lots of jobs is looking like an even better deal than before vs. buying. If you're in an area without rent control and can get that 30% discount might be a good time to lock in a 2 or 3-year lease if possible.

You are spinning it.

Great analysis!

They have to spin it. They've been locked out of buying thanks to the new 20% down payment requirements for the next 2 years.