Best Local Real Estate Idea (That Went Nowhere): Inauguration Rentals

This week UrbanTurf is taking a look back at the best that DC’s residential real estate market had to offer in 2009. From the best deals to the best trends to, of course, the best listings, we believe we have sussed out the cream of the crop.
It seemed like such a good idea and such easy money at the time. Just vacate your apartment for a week during Barack Obama’s historic inauguration, and collect enough money to pay your rent for two months and maybe have a little left over to take a quick vacation.
However, if there was ever an idea that was too good to be true, it would be this one. While the comment section for our post announcing this trend turned into a virtual classifieds section for DC residents wanting to cash in, the scheme failed miserably. While there were certainly people out there who were able to cash in on the phenomenon, most of these spontaneous entrepreneurs learned that supply significantly outstripped demand when it came to out-of-towners willing to pay big bucks for lodging. From our post in December:
A 26-year-old professional and his two roommates told UrbanTurf that their three-bedroom in the U Street Corridor has been listed for about a month at $1,500 a night and they have gotten no responses. Carol Simms listed her Capitol Hill one-bedroom on November 10th for $1,200 a night and has not gotten any bites. Local real estate agent Jen Angotti offered to help one of her clients rent out his place in Columbia Heights, but he balked at her proposed rental price of $2,000 a night, saying he could get much more, and decided to rent it on his own. So far, there have not been any takers.
In fact, in all the research that UrbanTurf did, we were only able to find one person who was successful in renting his place. The man, a lobbyist who wished to remain anonymous, rented his one-bedroom on Massachusetts Avenue and 10th Street to a business associate for three nights at $1,000 a night. He is taking the money and heading to Colorado for the week of the inauguration.
In addition, to these factors, it didn’t help that 4,500 additional hotel rooms were opened up in the DC area soon after this trend gained some momentum. The bottom line: Don’t bank on this trend returning in 2012.
Next Up: Best Record Set This Year: Mortgage Rates Hit All-Time Low
Previous Best Of 2009 entries:
See other articles related to: best of 2009, inauguration, renting in dc
This article originally published at https://dc.urbanturf.com/articles/blog/best_local_real_estate_idea_that_went_nowhere_inauguration_rentals/1599.
Most Popular... This Week • Last 30 Days • Ever

The Washington Nationals great didn't move out of the area, though.... read »

UrbanTurf put together a quick primer on the ins and outs of a home auction.... read »

As the Capitol Riverfront neighborhood nears its development capacity, a new effort p... read »

Foulger Pratt has plans to turn the 12-story office building at 1133 19th Street NW i... read »

The plans for the large new apartment project from Perseus TDC are coming into focus.... read »
- Mr. National Ryan Zimmerman Lists Great Falls Home For $8 Million
- First-Timer Primer: How to Buy a House at Auction
- Pickleball, Skate Parks + More: The Plans to Revitalize Public Space in DC's Capitol Riverfront
- 180-Unit Office-to-Residential Conversion Pitched For 19th Street Building
- A First Look at the New 350-Unit Project Planned in Bethesda Along East-West Highway
DC Real Estate Guides
Short guides to navigating the DC-area real estate market
We've collected all our helpful guides for buying, selling and renting in and around Washington, DC in one place. Visit guides.urbanturf.com or start browsing below!
First-Timer Primers
Intro guides for first-time home buyers
Unique Spaces
Awesome and unusual real estate from across the DC Metro