Renting out a condo at National Harbor

Asked by Mena, Alexandria, VA Sun Dec 21, 2008

I recently purchased a condo at the new National Harbor in PG County. 1 bedroom 1 den about 900 square feet. The mortgage is pretty high and I was trying to set the rent high enough to offset my mortgage payments. Any idea about what rent is going for in this area?

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6
msantiago2277, Renter, Oxon Hill, MD
Wed Feb 20, 2013
Hey, I am looking to rent an apartment/condo in National Harbor for a year. I know the market isn't great there. Do you still own the property there? If so are looking for a renter?
0 votes
Delaine Camp…, Agent, Alexandria, VA
Fri Jan 7, 2011
Hi Mena:
I'm sure you've received your info by now but thought I would run data as of today to see what's rented and the amounts. They range from $1295 to $1985 for the one bedrooms. The higher ones have the den plus higher floors and water/views of the river and across to Old Town. The median price is $1640. The Spring market is expected to be good for rentals, so I agree with the agent below to perhaps start around $1800. You can always adjust the price weekly, every 10 days or every 2 weeks until you get a renter...as long as you can afford to take the "hit" on the cash flow of the rent vs. your actual mortgage (PITI) and condo fees. Talk to your tax person as you become a landlord to find out what percentages of loss you can deduct on your taxes. Also make sure you familiarize yourself with Maryland Landlord/Tenant info unless you are hiring a property management company to handle your rental. In which case add that fee to your cash output as well.

Hope that helps. Feel free to call if you need more help.
0 votes
., , Wescott Village, Wilson, NC
Wed Dec 9, 2009
I would start at 1800 per month to test the market depending on your plans you may have to reduce. I specialize in higher priced rental in the area and local send your address to get more specs. Thanks.

VJ Adriano
E-mail to: VJ@Mris.com
Cell: 301-357-5071
http://www.RapidSellers.com/VAdriano

DELTA EXCLUSIVE REALTY LLC
Sales & Leasing Associate MD, DC, VA
99 Commerce place
Largo, MD 20774
0 votes
Wesley Howard, , 20874
Wed Mar 4, 2009
Give me a call so we can go over your options. The condo is new so we can't use old comps to determine the rent.
0 votes
Alqamar Malik, Agent, Largo, MD
Fri Feb 20, 2009
Hi Mena, good question...I can send you a FREE cma for homes in the area so you can see what they are currently renting for. If you're interested please visit my website on http://www.AlqamarMalik.com
Thanks
0 votes
D.w. Johnson, , Oxon Hill, MD
Thu Feb 19, 2009
I live in a single family home nearby and I also own and rent out a 2 bedroom 1 bath w/ balcony 1000 sq ft older (circa early 1970s) condo with all the usual high end kitchen upgrades that is about .5 mile from the Harbor in Oxon Hill for $1350/month and that is on the very high end. The ever increasing condo fee includes utilities in my complex and is like $465. Many of my condo neighbors rent theirs out for $900-$1100/month but still profit I guess because they purchased them in the 90s before the back when they were selling for $60k or less as compared to the $145k that I paid in 2005. At their height a year or two ago they were selling for $190s...now many have foreclosed and are selling anywhere from $90k to $140k tops. Regular apt buildings nearby are renting a 1 bedroom for about $900/month util included on average. I was going to get a Harbor condo for an investment until I saw the prices and I couldn't make the numbers make sense for a rental. Wasn't a 2 bedroom at the Harbor like $400k + and aren't your condo fees like $375/month? You can buy a nice 1800 sq ft 3 bedroom 2 bath single family home over here for $200-$300k. There are people renting these houses out for $1300-$1500. The Harbor condos can likely demand a premium as they are right on the site in lieu of just being nearby and may have views that the other rentals nearby do not have but still a reasonable uplift over the neighborhood rental market probably still will be nowhere near enough to cover your mortgage & condo fees but hopefully you get some good tax deductions out of it. Hope this helps and good luck! It is a great location.
0 votes
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