11-07-2019, 05:01 PM
(11-07-2019, 04:50 PM)panamaniac Wrote:(11-07-2019, 02:53 PM)tomh009 Wrote: I would hazard a guess that two-thirds of Arrow residents are over 50. Maybe only 10% have children (of any age) living with them, many more than that have pets. Given the ages, many of the over-50s are retired. There is a contingent of younger residents, 20s/30s, many working in tech. Rentals at Arrow are only about 25%, I do expect that number to be higher at Avenue M, especially the small 1BR units are more likely to be rentals. Avenue M's minimum lease period is three months (less than a university term) as compared to Arrow's six months.
An additional twist is that Avenue M is offering up to 25 "short-term rental licences", allowing the owner of such a licence to do either "executive (furnished) rentals" or AirBNB-style rentals. It may be attractive to an investor wanting to do that business. But as a potential buyer/resident, this was a big factor for us to not proceed with Avenue M, as attractive as some aspects of it are.
Seems a dreadful idea to me, but in the context of this development, it might be OK if all those units were in one of the two towers.
Interesting....I am not overly familiar with the availability of AirBnB units in the city but do you think having 25 units would be a high amount? Does that license need to be renewed annually or a one shot deal?
I just did a quick look at the AirBnB listings....I think long term rentals in a building like this would be more profitable considering whats available out there.