What Are the Best Neighborhoods in Maryland for Rental Properties?
Some of the best neighborhoods in Maryland for rental properties include Columbia, Bethesda, Silver Spring, Annapolis, Towson, and Frederick. These areas have high demand for rentals, good public transportation, proximity to major employers, and a range of rental options from apartments to single-family homes. The strong job market and economy in the DC-Baltimore corridor drives demand for rentals.
What Are the Average Rental Prices in the Best Neighborhoods for Rental Properties in Maryland?
Rental prices vary across the top neighborhoods in Maryland. In Columbia, average rents range from $1,200 for a 1-bedroom apartment to $2,500 for a 3-bedroom single-family home. In Bethesda, rents average $2,000-$3,500 for apartments and $3,500-$5,000 for single-family homes. Silver Spring sees average rents of $1,500-$2,200 for apartments and $2,500-$3,800 for houses.
Learn More: rental property loans rates
Which Neighborhoods in Maryland Have the Highest Rental Prices?
Some of the highest rental prices in Maryland are found in Bethesda, Chevy Chase, Potomac, Annapolis, Towson, and parts of Baltimore like Canton and Federal Hill. Rents in these upscale neighborhoods and cities average $2,000-$4,000 for apartments and $3,500-$6,500+ for single-family detached homes. The high incomes and demand for upscale rentals drive up prices.
What Factors Contribute to the High Rental Prices in Some Maryland Neighborhoods?
Several factors lead to the expensive rents in places like Bethesda, Annapolis, and Potomac. These areas have very high median incomes, strong school districts, access to high-paying job centers like DC and Baltimore, upscale shopping/dining options, and low crime rates. Limited housing supply amid high demand also pushes prices up in these exclusive neighborhoods. Proximity to waterfronts also commands a rental premium.
How Have Rental Prices in Maryland Changed Over the Past Decade?
Rental prices across Maryland have increased significantly over the past decade. From 2010-2020, average rents rose over 25% statewide, outpacing national rent growth. Rents accelerated sharply from 2015 to 2020 as the economy strengthened. Developing areas like Columbia and Frederick saw rents rise 30-40% in the 2010s due to population and job growth.
What Is the Highest and Lowest Rental Price for a Single-Family Home in Maryland?
The highest rental price for a single-family home found in Maryland is around $15,000 a month for luxury waterfront mansions in places like Gibson Island. More typical high-end rents range $5,000-$8,000 per month in the most expensive neighborhoods. On the lower end, older single-family rentals can be found for $1,000-$1,500 per month in cities like Baltimore and rural areas.
Maryland offers excellent rental property opportunities in the Baltimore-DC corridor, Annapolis, and growing areas like Frederick. Investors should target neighborhoods with strong job growth, incomes, and demand for rentals to maximize returns. Rental prices have trended up significantly in the past decade around major job centers.