Inaugural Rental Market Goes Bust
The Washington Post is reporting that the get-rich-quick Inaugural rental market has gone bust. This should not be a surprise considering the state of D.C.'s condo/rental market. Aren't there some vacancies? The inauguration was so hyped at first. Remember 4 million people were supposed to be converging on the Mall?
But this was before the first really cold spell. After that, I think folks realized they didn't want to come here and face the security, the closed bridges, the no-camping on the Mall, and the cold weather. I've talked to many residents who don't want to deal with it. Why would out-of-towners get suckered into paying thousands of dollars only to get a glimpse of Obama (maybe) and attend some state-sponsored prom?
Reality has set in. The Post writes:
"Since word spread of get-rich-quick glory, homeowners flocked to online sites, flooding the market with hundreds of properties seeking upward of $10,000 for the week. But supply has far outpaced demand, said real estate agents and creators of Web sites devoted to brokering deals. This week, with the holidays over, demand has picked up slightly, the brokers said, but most people are not likely to find renters.
'I'm blown away by how little demand there is,' said Tania Odabashian, vice president at Corporate Apartment Specialists in Northern Virginia"
What's the next thing to go bust? I bet it's the inaugural balls. There are far too many of them. Stay tuned for that story.