According to 2021 statistics, the median price of a home in Baltimore City rose by 2.2% in December 2021 – up by $4,300 compared to the previous year. Units sold in the city dropped by 1.6% – from 958 last year to 943 this past December. It took realtors an average of 17-days to sell a home in Baltimore City, versus the 9-day average turnover rate across the County as a whole. The good news, for property sellers, is that January 2022 saw a 7.1% year-over-year price increase, with the median list price in the County coming in at $299,900. Working with a provider of premier property management in Baltimore can help property values increase over time.
Rental Property Investors’ Paradise
But it’s not just property sellers that benefited. Ideally, would-be rental property investors like it when prices are low, when they buy – and increase over time. However, there’s a unique dynamic in Baltimore City, that makes it a rental property investors’ paradise. The “typical” value of a Baltimore City home is up by 17.6% year-over-year, to $196,478. Using professional property management in Baltimore city, rental property investors can hope to for better valuation appreciation of better-maintained units– and analysts predict such increase to continue through 2023.
So, why should Baltimore City hold more appeal for rental property investors, versus anywhere else in the County? Well, it’s because of the current valuations across Baltimore County, and rate of appreciation. The “typical’ home in the County is valued at $310.405 (more than that in Baltimore city), but the year-over-year increase is just 9.9% – much lower than the 17.6% of Baltimore City.
Buying rental property in Baltimore City now, not only assures you of a steady stream of rental income, but also guarantees faster valuation appreciation. That value proposition outweighs an investment anywhere else in the County.
Tapping Into the Student Market
In case you’re still wondering whether investing in rental property in Baltimore is worth it – think of your prospective market – students. It’s huge…and working with a provider of premier property management in Baltimore, you could put your investment on “auto pilot”. The professionals do all the work of maintaining and managing your properties, and you just tap into a steady passive stream of income.
The numbers speak for themselves:
- Baltimore rents, for 1-bedroom units, rose 10% – to $1,322 – year-over-year
- Two significant pools, for student rental clients in the area, include Townson University and John Hopkins University each host 20,000 students. And add the University of Maryland to the mix too
- Then, there’s Morgan State university, with over 6,000 students, and nearby Coppin State University, with a potential of an additional 4,000 rental clients
- Loyola houses 6,000, and Notre Dame of Maryland hosts 5,000
And…there’s more than the student renters to tap into!
The general population in Baltimore comprises of a significant number of renters – 40% – compared to 33% nationwide. If you use the services of a company providing high-quality property management in Baltimore city, your units could attract some of that 40% population, who may be looking to switch residences. With many private and government employees commuting to nearby Washington – 35 miles apart – Baltimore offers an additional renter pool for property investors to leverage..
Chicago property management firms specialize in handling the diverse needs of property owners across the city. Whether it’s residential or commercial properties, Chicago property management companies offer comprehensive services, including rent collection, maintenance, and tenant relations. With their local expertise and dedication to excellence, Chicago property management professionals ensure that properties are well-maintained and profitable investments for their clients.