The Inauguration Housing Bubble
It’s certainly true that talk of repeating a windfall by renting out your place for Inauguration Week is all the buzz in DC. But I haven’t seen any real verification of big money being found in this domain. An awful lot of people genuinely want to be out of town for the inauguration. And that, combined with the buzz about high prices, seems to me to have lifted the supply of housing sky-high reducing the margins available to most people. I clicked on the article because I saw a photo of someone I know, and the caption says “Katherine Mangu-Ward, one of many in Washington willing to rent their homes for the inauguration, has offered her one-bedroom apartment online for $1,000 a night.” But of course Katherine offering her apartment for $1,000 a night isn’t at all the same as someone offering to pay her $1,000 a night.
But if anyone feels like it, I’d gladly entertain an offer in that range.
28 Responses to “The Inauguration Housing Bubble”
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November 29th, 2008 at 4:21 pm
“reaping a windfall”, right?
November 29th, 2008 at 4:24 pm
I think for $1000 they’ll expect some services to go along with the room.
November 29th, 2008 at 4:31 pm
But if anyone feels like it, I’d gladly entertain an offer in that range.
What? I thought all your regular readers were invited to come and stay with you for free that week. I’ve already bought my bus ticket!
November 29th, 2008 at 5:26 pm
MR. YGLESIAS,
I AM VERY INTERESTED IN RENTING YOUR APARTMENT FOR THE CORONATION OF PRESIDENT OBAMA. CURRENTLY I AM IN NIGERIA BUT I TRUST WE CAN WORK OUT AN ARRANGEMENT IN ESCROW. I AWAIT FURTHER DETAILS
-DR. JAMES UGUME
November 29th, 2008 at 5:41 pm
How the hell does an associate editor at some liberterian rag afford a swanky place like that in the first place? No wonder she’s asking $1000.
November 29th, 2008 at 6:00 pm
How the hell does an associate editor at some liberterian rag afford a swanky place like that in the first place? No wonder she’s asking $1000.
She went to Yale. I think its fairly safe to assume her parents have money.
November 30th, 2008 at 12:58 am
For comparison’s sake, the going rate on a Masters’ Week rental in Augusta (a long-established practice for people who live there) is basically 2-3 months’ mortgage on the property. That can mean $3000 for a bogstandard 3BR house, or more like $1000/day on something more McMansiony.
November 30th, 2008 at 4:46 am
How come that isn’t considered gouging? Not that I have any use for the term, as I believe it’s entirely subjective and meaningless, but I find it interesting that the same people that think $3/gallon gas is gouging or that July 4th hotel room rates are gouging would happily cite “supply and demand” as justification for renting their home for $1000/night.
It’s greed when someone else does it, just trying to make a living when you do it?
November 30th, 2008 at 2:32 pm
When rooms were still available, a few months back, the going rate for Inauguration week at the better hotels (not super swank) was 999.00 a night. So . . . that rate for the apartment? Not gouging, I would suggest. And not a bargain.
Oh, and you had to book at least four nights.
November 30th, 2008 at 9:48 pm
For comparison’s sake, the going rate on a Masters’ Week rental in Augusta (a long-established practice for people who live there) is basically 2-3 months’ mortgage on the property. That can mean $3000 for a bogstandard 3BR house, or more like $1000/day on something more McMansiony.
Also it depends on how close you are to the Augusta National course. People within walking distance of the course get more than $10,000 a week (there are an astonishing number of Augustans vacationing in Europe in early April).
As I mentioned on an earlier thread, rental income of a private home for less than two weeks a year– tax free.
November 30th, 2008 at 10:17 pm
I wouldn’t do it. Short-term home rentals are a good way to get, or to give, bed bugs. Sadly.
December 1st, 2008 at 1:00 pm
As an Atlanta resident, I can tell you we had the same sort of short-term housing mania during the 1996 Olympics. A few people probably made out like bandits, but for every one of those there were probably 50 others who wanted to rent out their residence for megabucks but were ultimately disappointed or thought better of it.
December 1st, 2008 at 4:54 pm
But if anyone feels like it, I’d gladly entertain an offer in that range.
Throw in a pair a season tickets for the Wizards and we can work from there… walking distance to the arena AND Chinese food? Sweet.
December 11th, 2008 at 8:30 am
Just wanted to inform all those interested guys to attend the Inauguration, Thousands of people are using http://CrashTheInauguration.com, the most complete Inuguration guide for poeple without tickets. It lets you find a place to stay and book a room online with local DC residents, info on how to get to DC, and info on parties and events going on
December 11th, 2008 at 12:19 pm
$30/student, $50/adult per night. WE HAVE ROOMS AVAILABLE DURING THE WEEK OF THE INAUGURATION !!! 90 miles west from downtown Washington DC.
http://www.concordretreat.com
info@concordretreat.com
866.833.2929
December 29th, 2008 at 5:09 pm
I don’t think $1000 is too crazy if you are inside of the city. When it comes down to it, though, some of these ginormous houses end up being cheaper if you have 18 close friends. There are houses in DC for $25,000 per week. But, they say you can fit 16-20 people, plus they’ll provide a limo or a car or some food. It’s worth it to check around and pack in as many people as you can. Seriously, how much time will you spend at the place anyway? the best site I’ve found so far is http://january20.us, which I put as “my” website but it isn’t actually. I just found my place there.
January 5th, 2009 at 5:54 pm
Try http://washingtondc.cribq.com to find housing. It’s the Craigslist listings, but much easier to use.
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