Evening star. [volume] (Washington, D.C.) 1854-1972, 1889-06-01
REAL ESTATE GOSSIP,
Some Expert Views I'm Regard to House
Rents.
HANDSOME IMPROVEMENTS THAT ARE BEING MADE
IN DIFFERENT SECTIONS OF THE CITY-THE NC
KESDREE CHURCH NEUTRALITY-SUSPICIOUS. TO
THE PACIFIC BUILDING-soME NEW HOUSES.


THE PACIFIC BUILDING-soME NEW HOUSES.
care house rents coming DOWN" is a qIles-
tion that is frequently heard in real estate
Offices There are a large number of people
who have very lively interest in this matter
Their yearly incomes grow smaller or larger
when rents go up or down and naturally they
are concerned in noting the indications Of the
rental market. While this is not the season of
the year for renting houses, yet attention has
been called to the matter by the activity in
building and the additions being made con-
stantly to the resident capacity of the city.
People conclude that so many new houses
are coming into the market that the supply is
likely to bear such a relation to the demand
that rents will be affected. For this reason
there are good many inquiries being made
just now, as has been stated. of those likely to
know as to the prospects in this direction
A STAR reporter has put this question to a
number of men who are engaged in building
houses or have charge of the business of rent
ing. Their answers may be found below:
The tendency" observed Mr.. Washington
Danenhower, who builds good many houses,
lis toward lower rents. In my opinion, we
building too rapidly Just now unless the
population of the city continues to increase in
proportion. l think that house-rents will be
lower. Money Is being loaned at cheaper rates.
Five per cent is now almost the universal rate,
although loans for 30, 900 and less must be well
secured in order to obtain that rate. This de-
crease III the rate of interest enables people to
build cheaper, and. of course, rents will be
cheaper | don't look for any radical change
but there will be gradual lowering in rentals.
and think that it will have a good effect. In
my opinion, property can stand it,"
Another extensive builder is Mr.. Diller B.
Croft. lie does not rent his houses, but sells
them. Il don't think that building is being
oyerdone i'll this city. have frequently heard
that statement made during the years that
have been living i'll this city. Since We have
begun to be a city, however, l have never
known this to be the case. The reason is plain.
The population of the city is growing all the
time. If the city was standing still, that would
be an entirely different thing. Then there
would be no question of Over-building, as
building operations would practically come to
stand STILL A great deal of the building in
this city as well as in Others is due to the desire
to invest money. If the prospect of a favorable
investment Is wanting then the building is
limited As to rents think they are regulated
entirely by the condition of the mark ct. Some
times higher rent can be obtained than at
other times
Mr.. Charles A. McEuen, the real estate
broker, thought that rents would be cheaper,
because money is cheaper. He said that the
scale OF rents now prevailing could be reduced
without injuring the prospects of property.
The high rentals in the central portion Of the
city would have tendency, he thought. to push
population out toward the boundaries Of the
city. People" he added, "have hesitated
about going into the eastern part of the city to
live. but they are getting over that now. The
low price of ground enables houses to be built
at smaller outlay, and hence rents are cheap
The activity i'll building now noticed in East
Washington shows that there is a steady in
crease of the population in that section
Mr.. Geo. w. +. Swartzell of the firm of B. H.
Warner & Co.. who is in charge Of the rent de-
partment. said: Il think that rents are coming
down. There will not be any great reduction,
l think, as the present margin of profit Is not
large enough to admit of it. One effect of this
movement will oblige owners to keep their
houses in good repair. The large number of
new houses that are being built in all parts of
the city has the effect of emptying the older
houses unless they are maintained in good con-
dition. The placing Of the new houses on the
market is the main cause for the reduction in
the rents, as it brings the supply of houses more
nearly up to the demand. The large houses
or those at large rentals. will be more affected
than the smaller houses, as the latter require
larger margin of profit. Small property is al
ways more troublesome to manage than large
property. The rate Of interest is less than it
used to be, and that of course, has the effect of
bringing the scale of rents down."
Mr.. T. +. Schneider, who is an extensive
builder, said that he had no trouble in renting
his houses. III there Is decline In rents, he
said. Il have not noticed it, My houses are
all in the northwest section and | have no
difficulty in keeping them rented ut the rates
| asked. If the rents were advanced to an I'M
reasonable figure the situation might be differ
ent. There seems to be good demand for
houses. As far as am concerned anticipate
no falling off in the rentals and see no reason
why there should be any reduction. Consider
ing the kind of houses built here under our
building regulations and the improvements
of the latest and most approved kind, which
people expect to find in a house, don't think
that rents in this city can be regarded as high"
MICHIGAN AVENUE.
One of the most important street improve
ments now being made by the District govern
ment is the grading of Michigan avenue.
This is q new avenue, which starts from the
| junction Of the Bunker Hill road with Lincoln
| avenue, and, running west, follows the south
| ern h0undarv line of the Soldiers, Horna