Thurs. Afternoon Rental Option – U Street (owner request)

This rental is located at 929 Florida Ave NW:

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The Craigslist ad says:

“Big, beautiful, sunny condo with lovely high-end finishes in the unique Floridian Condominium in the heart of the U Street neighborhood.
Available starting April 23rd, later move-in date considered.

Open floor plan is great for entertaining. Kitchen has gas stove and
granite countertops, stainless steel appliances. Wood floors, 10 feet ceilings and floor-to-ceiling windows.
Black out shades in both bedrooms. 2 full bathrooms. Plenty of
storage. Washer / Dryer in unit. A shared rooftop is furnished so you can
enjoy some of DC’s best weather and views of the city!

The building is literally located a block and a half from the U
Street / Cardozo / African American Civil War Memorial metro stop (Green Line) and
is surrounded by plenty of places to eat, drink and be merry (to name a
few, the 9:30 Club, American Ice Company, Duffy’s Irish Pub, Dickson, Nelly’s
and so much more along the DC’s famous U Street corridor). Westminster playground and Banneker public pool are a five minute walk.

Dogs and cats are welcome!

Parking available in the building’s own garage (extra fee).”

$2900 sound realistic for this 2 bed/2bath?

50 Comment

  • This area (specifically right there) has a lot of issues with high school kids getting around between 3-5 pm from the school there and mugging/hassling people, which is no good. Plus, those two blocks up from U can be two very long blocks late at night when getting off the metro (long in terms of “please mug me”).

    You can find a place that big, and cheaper at one of the condos ON U street (like the 2020 building).

    I would say that $2500-2700 WITH parking is a more fair price. Given that he/she likely wants $200 for parking, O would say this apartment is ~$400 too high.

  • I live in the building across the street from the Floridian, and I don’t necessarily agree with your safety assessment. *knock wood* I haven’t had any issues with harassment or mugging in the 1.5 years I’ve lived there. Between the 930, Duffy’s and American Ice Co, there are plenty of people out and about when I’m walking home from the metro at night. It’s not The Safest place, but it’s not so bad if you’re aware of your surroundings.

    I don’t disagree with what you said about price. I pay right in your range ($2500-2700) for 2br 2bath with parking.

    • Glad you’ve been safe, so maybe it’s fine at night. I do know at least 5 people who have been mugged or beaten on V Street right around there around 3-4pm when school has been let out. Cops have been more vigilant about getting kids away from the metro and school right there, but the effect has been to create small little gangs of kids wandering around, harassing dog walkers and what not.

      I would personally also like to add that I feel paying $2500+ for an apartment in an area that’s not “the safest place” seems insane to me, but I guess that’s he world we live in.

      • thats kind of insane. I live a block away and so do many of my friends. None of us have ever had problems or heard of anyone who has. this is all anecdotal of course, but I personally know far more victims or crime in areas like columbia heights, adams morgan and H st.

        • I think the V Street crime is typically more small muggings and harassments by kids. Given that the area is hemmed in by two (three) shitty schools, it’s hardly a surprise.

          • Hardly as surprise, but hardly constitutes a “high crime area” either, given the rest of DC neighborhoods. True, it borders the southern end of the Sherman Ave stretch which has seen a lot of crime lately, but even that wouldn’t concern me as you would have no real reason to head that way if you rented here. Good deal.

      • I agree with jogo – I have walked into (and stopped) a robbery/ carjacking in progress on V street. After calling 911 and the police came, the owners of the row house right there came out and said (direct quote) “Oh, its just that time of the year again”. They were totally unphased. I was leaving from my friends house who lives right in the area, and she has shared with me about plenty of things that have happened in the 2 years she was there. Not the safest, or the unsafest – but I hope whoever rents this unit isnt completely naive. I know many victims of crime who start there story by saying …while I was texting…and end by…I thought it was totally safe.

  • WOW!!!

    I haven’t rented in a while but I am sure there is no way I would pay $3,000 per month to rent anything.

    About $2,000 for all those features and location would be fair in my mind.

    • Ha, welcome to 2001.

      It’s overpriced by a few hundred bucks, not by $900 though.

      • Yep, the asking price is only slightly optimistic. Hell, it’ll probably go quick, even at this price.

        The D.C. rental market is completely off the charts right now, which is something that people who write “I haven’t rented in a while” or “I’ve rented two blocks away for three years now and only pay $x,xxx a month” don’t seem to understand. The D.C. rental market is just a different animal now, even when comparing to just last year.

        • Part of this is because of the housing bubble. The owners and sellers know that DC real estate is going up, and that rental vacancy is very low. They’re not compromising. If they’re underwater, they’ve been emboldened to take a stand. In other words, yes they’ll def not hesitate to pass on their (foolishly begat) expenses to others as much as possible. It’s kind of like an aftershock of the bubble.

          Fabulous location. The only catch is the crime.

    • me

      Seriously… my mortgage is 2,000 for a 2br/2ba with parking in a somewhat better area of this neighborhood… it seems like they’re asking a lot.

  • This looks nice, but like the above posters said, you can get something at this price or lower actually on U St. 2900 before parking (which is probably $200)? Yikes. I’m sure someone will pay this much for it, but it’s not a good deal at all.

    • I don’t think you can get anything less than this in the area at any comparable building. I’ve looked. I tried to find it when I was on the market and I couldn’t so I moved further north. At the end of the day, you and a roommate are paying less than 1500/month for a luxurious apartment. I have more than half a dozen friends who are willing to do that because they have high paying jobs and are in their mid/late twenties and want to live in a fantastic location, like this one. I don’t know that much about the area but there are lot sof new bars opeing up and its pretty a stone’s throw to the metro. Crime hasn’t seemed to affect the prices of rentals, as I’ve found areas like Adams Morgan to still be really high. People want to live where the action is.

  • @jogo: you know AT LEAST 5 people who have been mugged/beaten in broad daylight outside the U Street metro? I live on this block and I walk by the Floridian several nights a week and haven’t had a single issue (other than receiving solicitations for shitty weed). I propose that ANY block in DC can pose safety hazards after dark and we should all be vigilant. But this particular block is filled with bars and I feel safer here than a lot of other DC residential neighborhoods.

    • Not outside of the metro, but on V or W around 10th-13th. A couple of them were walking dogs while on their phones and were beaten by teens getting out of school. V and W can get pretty isolated (Except for kids) after school (even in broad daylight) but before 5-5:30. I only know of 2 late-night muggings, but those were around 12-1am.

      I know dozens of people harassed and threatened by groups of kids, but it’s almost always in the middle of the day. By nighttime, most of them are at home with their mothers being “good boys”.

  • Having looked at buying a condo there, I know how much those units cost. I don’t know if its a good “deal” for a renter, but I’m pretty confident the owner is losing money by renting at this price…

    • I agree; they are likely losing money, but their shitty buying decision doesn’t mean they’re entitled to get whatever the hell they want.

      I’m sure you could offer the person $2500 with parking, and they would think about it for a week and call back and agree because nobody else will come calling.

      • Absolutely. My first thought on reading this was “how much do they need to cover their mortgage? SURELY this covers their mortgage” because if it doesn’t… yikes, what a crazy purchase.

        Unless the square footage is 1400+ (not mentioning it makes it unlikely), this seems to be at least $500 overpriced. So yeah, if I had to guess I would think they are just praying somebody will bite, cover their insane mortgage, and get them out of the trap they’re in.

        • Wong Tong approves this message

        • I live in this building and just for kicks I posted an ad on CL for about $150 over the amount of my mortgage payment and condo fees combined. Within 3 hours I had over 20 emails – a couple of which sounded ready to rent it sight unseen. Granted, this was in May which is a high time for people to sign new leases (I guess). Also, mine is a 1 bedroom, which, as I understand it, you get more bang for your buck for when you are owner renting it out.

  • The going rate on a lot of these cookie cutter luxury apartment/condo houses is about $3200, but generally for better location (e.g., Church Street in Logan, Champlain Pl. in Adams Morgan, or 14th & U-area), which I personally feel reflects more underwater condo/property owners trying to pass the buck rather than the actual market (which may be overbuilt). I’d much rather own a condo there and rent it out for $2900 (until the area improves somewhat… you can probably see the police surveillance boxes from the rooftop) than pay $2900 to live in that location. You could do better.

    I will say that gas is nice tho.

    Again, square footage would be nice. If 900-1000 sq. feet, then probably overpriced (based on floor plans on their webpage, that’s how big most are). Given how cheap the area probably was to develop, you’d think they’d build bigger units, e.g., 1200 sq ft for a 2BR/2BA to make it more attractive. Not 850 sq ft. overpriced blahs.

    • Agreed on the sq. footage question. I live in a very similarly speced row house 3 blocks due south of here with a private deck and pay about $200 less. This might have higher-end furnishings, but I doubt they have the sq. footage.

      That said, it will get rented at that price. So, it must be fair in this market.

  • You could get an equal space in Dupont or Penn Quarter/ Chinatown for that much money.

    I know as the owner you won’t want to hear this, but you need to throw parking in AND reduce the rent by $400 bucks.

    Your choice is this, reduce your rent to something more in line with the market, or carry the thing empty for a few months while you slowly reduce your price.

    • So you’re saying the rent should be $2,500/month with parking included?

      Will you be my landlord?

      The asking price with parking included would probably be the most realistic price for this place.

      • Agree with Anonymous. I live near here and rent a similar place. I pay slightly less and have parking included, but I consider my place to be a Very good deal for what I get and the location.

        If you think it’s significantly too high, you haven’t looked for a rental of this age/quality/size in this neighborhood in many years.

        • I also live near here, and just signed a new lease for a place the same size ON U street, closer to the subway, parking included, and it’s $2500.

          $2900 for the Floridian without parking is a ripoff. I’m sure the owner will get it, but they’ll also get shitty tenants.

          • Where is closer to the metro than this? Even if you are a few hundred feet closer, that difference is so negligible. This is about a close as anyone can hope to be to the metro.

          • why would the tenants be shitty because theyre willing to pay more than what you think the market dictates?

  • I wonder if the Owner would be so kind as to write POP once it gets rented to say how much he/she actually rented it for. I’d be very curious to see how close these prognosticators who are saying $2300 without parking are.

    • $2300 is a dream, in that it’s not even close what the owner could get. A single person is not going to rent a 2/2. So between two folks it’s $1150 per person. Very affordable. Too affordable for the location.

      If pretty much anyone can afford to live in this highly desirable location, then it’s underpriced.

      • False. There should be affordable housing in every neighborhood.

        We need to change our expectations; as long as the general populace treats this as a reasonable price (and it is not. not even close), rents will continue to price out all but the highest earners. And that’s a real shame.

        • The market is democracy at work. People vote with their dollars. It doesn’t get more fair than that.

          If this means you’re priced out of U Street, so be it. Life is full of things you want but can’t have. Feeling entitled to live wherever you please is unreasonable.

          Some people live closer to metro. Do you think they should pay the same as people who live a 15 minute walk away? Obviously not, that would be unfair to the distant folks. Hence, rents vary according to proximate amenities like metro or nightlife. That’s fair. Fairness does not equal one getting whatever one wants.

          • Just curious, Elle: What do you think a reasonable rent for this apartment should be? You state that the asking price is “not even close.” So give us a number. What would Elle the Benevolent Landlord charge for this exact apartment?

            This is D.C. As long as I’ve lived here (since 1993), rents in desirable neighborhoods have been outrageously priced.

        • why should there be affordable housing in every neighborhood?

  • I ride by on my bike frequently and pity the owners who own there: there is a 12′ x 16′ grate in the middle of Florida right in front and every car and bus that drives over it makes its two pieces clank really loudly.

    • Psmitty311

      I live in this building and my windows face the street with the grates you mention. You never notice it during the day, and the only time it bothered me was the first and second night I slept in the unit. Since then, I’ve had people spend the night and when I asked about the night noises, they said they hadn’t noticed anything except sirens. I did hear that they used to be a lot louder until some repairs were made, but I didn’t live here back then.

      As far as the rent, it looks similar to what a lot of units were going for in this area in October ’10, which is why I chose to buy instead. The monthly payment is less for what you get, and I should be able to recuperate some of my money in the end. Especially if I can get anything close to this by renting out down the road!

  • I (and my roommates) rent an entire house in Park View for $2000/month. And we’re closer to the Georgia Ave metro. What the..?!

    • You live in Park View. Being 50 feet closer to the metro won’t make up for the difference in location.

    • I used to rent an entire house for 1000 bucks in college not too long ago. It was a mere 2 hour drive from this location. This place is way overpriced.

  • WRT rent prices in general, mortgage rates have already moved from low 4% to around 5% in the past 6 months. These rates are going to jump when the fed funds rate rises too.

    Couple this with a severe downsizing of Fannie and Freddie and an increase in strictly private lending meaning 20% down payments required and the potential phase out of 30yr mortgages; and you have yourself the perfect storm for property owners with income properties or folks just looking to rent their homes.

    Buying a house is going to get harder and everyone will be looking to rent. Meaning, rents are going to rise way above the cost of inflation.

    So please stop with the righteous indignation about rents no matter what PoP posts.

  • If the owners get the rent, more power to them, but I pity the fools who pay this much for this building. Too close to the crappy high schools and some crappy project houses. And, too far for this rent from U Street (W street is not U Street).

    If you have a kid, this is a terrible place to live. If you don’t, why do you need a 2BR?? If you’re looking to split with a friend, get a studio instead.

    No upside for this place as a rental.

    • Less than two blocks from U Street is “too far” from U Street to justify this rent?

      Less. Than. Two. Blocks.

      I thought I had seen it all in these comment threads. I was wrong. Bravo.

      • My point wasn’t that two blocks is far; the point is that you can rent ON U Street for less than $2900, in a nice building. Plus, it’s closer to 9th than it is to 12th. Given how frequently the 10th Street stop is closed because of a broken escalator, you’ll typically have to walk to 12th, so 2 blocks becomes 4.

        I know it’s really not that far, but just saying that you can get a better deal in a nice building that is on U Street, which also makes it safer at night.

        If the owner gets this price, more power to them, but if I were a renter, I would look at this as a desperate last option.

        • I would pay at least a hundred more per month to NOT live right on U St. I love the neighborhood, but why live right on U St. That is almost like saying, I love Adams Morgan – can I rent a place right on 18th? Yes, you want to be a close as possible to have all the good parts/access, but far enough away to avoid the bad parts/noise, people barfing on your doorstep. IMO, this location is better than something right on U St. I have a friend who lives here and when I metro there it takes me less than 4 minutes to get to her place. Much better than the 15 minutes it takes me.

    • I’m not defending the price, but your logic is absurd. This location is pretty sweet. The apartment looks pretty cush. Not sure if the price is right, but just because it is out of my range, not because of any of the bs reasons you just listed.

  • Whaaat?! This is outrageous!! Gas for $4.00?!! I just bought some gas for $3.50 in Maryland the other day? That station operator must be crazy if he thinks people will pay that? Trust me, trust me, ok, he’ll drop the price by AT LEAST 40 cents by tomorrow. Either that or he’ll go out of business by the summer. Trust me, I’m an expert because I’ve bought cheaper gas before. And I also know for a fact that my manufactured outrage on a local blog will definitely help get these prices lowered too.

  • I pay $1100 for my mortage for a 3 bedroom, 2 bath house at 13th and T NW. Of course I bought in 1996…

  • I guess it depends on whether you think U Street is worth paying so much to live next to it.

    Despite the fact that I do live here, I don’t think it’s so great that I would pay almost anything to live nearby. The restaurants are okay, the nightlife is fine, but I wouldn’t really hesitate if I had to give it up due to being unable to afford it.

    I think what does surprise me is how many people seem to think that U Street is the most amazing place to live; to me, this indicates people who have very low expectations. Don’t get me wrong; it’s nice here, but it’s not “pay out the nose” nice.

    I also don’t buy the “it’s close to work downtown argument”. You cam live down closer to Chinatown or the Mount Vernon stop for less than this place is asking, it’s just as safe/dangerous, and it’s even closer to downtown.

    Anyway, someone will pay this much I guess, but there’s a sucker born every minute.

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