Has the Inauguration Rental Bubble Burst?
Ever since Barack Obama was elected president, we've heard about the huge crowds coming to Washington for the Inauguration. There have been endless stories for months about D.C. residents renting out their homes and apartments to revelers, and Craigslist is awash in ads. They're even popping up on Gmail and Facebook.
There's also been a lot written about the numbers associated with the rental phenomenon, with sometimes astronomical figures: $1,000 a night; $30,000 for Fred Thompson's place; up to $50,000 for a four-night stay. But is anyone actually succeeding? We've only heard of a handful of deals actually being made, and most articles seem to be about people putting their places up for rent, not actually getting them rented.
In a totally unscientific and informal survey of the DCist staff and their immediate acquaintances, those folks who tried putting their place on Craigslist rarely got so much as a response. Most people who knew somebody who rented their place got it done because of some connection -- a family friend, an ad posted on a university bulletin board, or something arranged a long time ago. The prices are much lower than we've been hearing, too: $300 a night for a Capitol Hill studio, for example. Not small potatoes, but not the huge numbers that have been part of the hype.
Photo by Kevin H.
We've got a sneaking suspicion the hoopla surrounding the short supply of housing is causing a lot of potential attendees to stay away from private home rentals -- too many potentially negative variables, including the transportation nightmare we've already been warned about.
One group of unforeseen victims in all this are those looking for regular long term rentals right now — Craigslist is flooded with inauguration rentals only, so finding a regular rowhouse or apartment to rent for a year is close to impossible.
Have you tried renting your place, or managed to get it rented?