Landlord Tips & Tricks

August 1, 2024

What's The Average Rent In Baltimore, MD

Zoe Harper

Marketing

If you're thinking of moving to or already live in Baltimore, knowing the average rent is key. Right now, the average rent in the city is $1,450¹

. This price helps us understand the cost of living. It also places Baltimore as the 45th most expensive big city for renters in the USA².

Baltimore's rental market offers a wide range of prices. They vary by the size of the apartment and its location. One-bedroom apartments usually cost $1,227. Two-bedroom ones are about $1,536². The good news is, living here is 17.2% cheaper than in other parts of the metro area². For more info, you can check out this detailed report.

Key Takeaways

The average rent in Baltimore, MD is $1,450².
Year-over-year, rent prices in Baltimore have increased by 1.5%².
Baltimore ranks as the #45 most expensive large city in the U.S²..
The median rent for a 1-bedroom apartment is $1,227², and for a 2-bedroom apartment, it's $1,536².
Rent prices in Baltimore are 17.2% lower compared to the metro-wide median².

Overview of the Baltimore Rental Market in Baltimore

The Baltimore rental market shows a balance between stability and growth, important for renters and investors. This detailed guide sheds light on average rents and the best neighborhoods. It helps with smart decision-making.

Current Trends in Baltimore Rent Prices

In July 2024, Baltimore's median rent was $1,450 per month, stable from the month before, with a 1.5% yearly increase². Different factors, like how close places are to schools and hospitals, affect rental demand. Areas near good amenities often see higher rent growth.

Comparison with National Averages

Compared to the U.S. average, Baltimore's rent prices are a bit higher, about 2.8%². Specifically, Baltimore rents are 10% less than the U.S. overall. The city's average rent is $1,785 compared to the national average³. Baltimore offers competitiveness and affordability versus bigger cities.

Monthly and Annual Rent Growth

Between January and June 2024, Baltimore's rents grew by 3.3%, topping the previous year's 2.7% rise in the same timeframe². The city's yearly rent increase matches Maryland's 1.8% and beats the national decrease of -0.7%².

Baltimore's rental market suggests a balanced view for renters and investors. It points to solid rent growth in a dynamic housing market.

Baltimore Rent Costs Compared to Surrounding Areas

Rents in the Baltimore metro area vary a lot by location. The median rent across the area is $1,750. But in Baltimore city, it's lower at $1,450. That's 17.2% cheaper⁴. This difference matters a lot to people looking to rent in the area.

Median Rent in the Baltimore Metro Area

In Baltimore's metro, rent prices change depending on where you are. Some areas, like Patterson Park and Canton, have higher rents. One-bedroom apartments cost about $2,094 and $1,510, respectively⁴.

But, there are cheaper places too. In neighborhoods like Reservoir Hill and Cylburn, the rent is much lower. You can find a one-bedroom apartment for around $788 and $783⁴. This shows the wide range of available housing in Baltimore.

Comparison with Nearby Cities

Comparing rent with nearby cities shows big differences. Odenton has the highest median rent at $2,542⁴. It's the priciest around.

Then you have Catonsville and Glen Burnie where two-bedroom apartments go for $1,762 and $2,010, respectively⁵. Columbia and Towson are pricey too, with two-bedrooms costing $1,946 and $2,525⁵. Annapolis stands at $2,160 for a two-bedroom⁵. These figures show the rent range in the Baltimore metro's housing market.

A Breakdown of Median Rent by Apartment Size in Baltimore

Baltimore's rental scene offers a wide variety of options in apartment sizes and costs. By knowing the median rents, renters can make better choices.

Median Rent for 1-Bedroom Apartments

A one-bedroom apartment in Baltimore costs around $1,722 each month⁶. This is a 34.21% increase from last year¹. It shows the city's rental market is in high demand. Those looking for a one-bedroom place will face higher prices.

Median Rent for 2-Bedroom Apartments

For a two-bedroom place, the median rent is $2,059 per month⁶. There's been a 14.92% jump in price over a year¹. The cost is a bit above the national average, meaning you pay more for extra space here.

MedianRent for Studio and 3-Bedroom Apartments

Studio apartments average at $1,355 to $1,514 monthly⁶ ¹. They’ve seen a small but notable yearly growth of 0.28%¹. Three-bedroom apartments go for about $2,220 each month, with a yearly up of 11.22%⁶ ¹. However, their price has slightly dropped by 1.94% monthly¹. These numbers highlight the changing cost dynamics, especially for bigger apartments.

The details about studio, one-bedroom, and two-bedroom rent in Baltimore help renters get a clearer picture. Rent changes reflect Baltimore's housing market's continuous evolution.

What's The Average Rent In Baltimore, MD

The Baltimore MD rental market plays a big role in local housing. It's important to know how rent prices work. In 2024, the average rent Baltimore apartments varies a lot by size and location. A studio goes for about $1,355 a month, while a 4-bedroom can cost up to $2,650¹. Baltimore's median rent is $1,450, a 1.5% increase from last year².

Rent in the city has gone up a bit recently, by 0.4%². This makes Baltimore the 45th priciest city in the U.S². City rent is 17.2% cheaper than the Baltimore metro area's median of $1,750².

From January to June 2024, rent prices in Baltimore went up by 3.3%². This is faster than last year. The median rent now is $1,450, thanks to monthly increases².

Rent differs within Baltimore's zip codes too. The average rent in popular zip codes is about $2,248¹. You might pay $2,025 in 21224, $2,107 in 21204, or $2,700 in 21230¹. In Baltimore County, the average is $1,850, but it's $2,104 in Baltimore City¹.

Rent changes over last year are worth noting. Studio rents jumped by 28.23%, 1-bedrooms by 34.21%, 2-bedrooms by 14.92%, and 4-bedrooms by 27.87%¹. This shows different demands for various apartment types.

In sum, knowing about cost of renting Baltimore is key for renters. Average rents are now around $1,870. Since prices change with seasons, staying updated is crucial¹.

Factors Affecting Rent Prices in Baltimore

Rent prices in Baltimore are influenced by many factors. These include the neighborhood's appeal, economic trends, employment rates, and the local real estate market's condition.

Neighborhoods and Their Impact on Rent

Rent prices in Baltimore's neighborhoods differ quite a lot. This is mainly because some areas are more desirable than others. Places like Federal Hill and Canton have higher rent due to their upscale status. On the other hand, neighborhoods like Highlandtown are more budget-friendly.

The demand and rent in certain areas go up if they are close to public transportation. Same goes for being near shopping centers, parks, and schools. All these factors contribute to making an area more desirable.

Economic and Housing, Market Conditions

The economy and housing market in Baltimore play a key role in setting rent prices. For instance, the median sale price for homes was $240,000 in June 2024. That's a 4.3% increase from the previous year⁷. Homes also sold faster, taking an average of 36 days on the market.

The housing market in Baltimore proved strong even during the COVID-19 pandemic. It saw a 9% rise in home sales and a 6% increase in average prices in the third quarter of 2020 compared to 2019⁸.

Impact of Local Amenities and Services

Local amenities and services also affect rent prices. Renters look for areas with necessary services like grocery stores and hospitals. For example, single adults in Baltimore spend an average of $5,509 on transportation each year⁹. This shows the importance of living close to public transit options.

The cost of living, including utilities and fitness memberships, also impacts rental affordability. Baltimore's average utility bill is about $142.83 per month. A gym membership can cost around $72 monthly⁹.

Knowing what affects rent prices can help renters make smarter choices in Baltimore's diverse neighborhoods. For a deeper look into the Baltimore housing market and its dynamics, click here.

Year-Over-Year Rent Growth in Baltimore

Rent prices in Baltimore have been steadily climbing over the last year. The city saw a 1.5% increase in rent across the board. Studio apartments saw the biggest jump, with rent going up 28.23% from $1,240 to $1,590¹.

One-bedroom apartments weren't far behind, with a 34.21% hike in rent from $1,265 to $1,698¹. This growth trend continues with two-bedroom apartments, which went up by 14.92%, from $1,632 to $1,875¹.

Rent for three-bedroom units rose by 11.22%, reaching $1,900 from $1,708¹. The biggest jump was in four-bedroom apartments, skyrocketing 27.87% from $2,033 to $2,600¹.

Despite challenges, Baltimore’s rental market is booming, beating the national average. The city faces a 4.8% unemployment rate and slow population growth at 0.44% yearly. Yet, rent keeps rising due to strong demand and investment opportunities³.

There's also been a slight monthly increase in rent. Studio and one-bedroom rents went up 11.71% and 7.55% respectively. Two-bedroom units saw a smaller increase of 1.81%¹. Even though three-bedroom units dropped slightly by 1.94%, the market overall is thriving¹.

Baltimore vs. Other Major U.S. Cities

Looking at rents in different places shows Baltimore has good deals. Its average rent is $1,450. This is quite a catch compared to cities like Austin, TX, and Nashville, TN².

Baltimore vs. Austin, TX

Between Baltimore and Austin, rents are nearly the same. Baltimore's at $1,450, Austin's a bit more at $1,474². Both places have rents that tend to go up, which shows Baltimore gives good value. Also, Baltimore’s rent went up 3.3% by mid-2024, showing growth².

Baltimore vs. Nashville, TN

In Baltimore and Nashville, rent costs are pretty similar. Nashville's rent is $1,446, almost the same as Baltimore’s $1,450². This small gap shows Baltimore holds its ground in rent competition. Both cities are great for people looking for a mix of affordable living and excitement. Also, Baltimore's big population enriches its culture and economy, just like Nashville's⁹.

Thinking about moving to Baltimore? Its historic charm and cool areas like Canton and Fells Point are big pluses. Plus, rental prices are nice on the wallet. Using JHFCU for better rates and help can make moving even smoother².

Where to Find Affordable Rentals in Baltimore

Finding affordable rentals in Baltimore requires strategy, especially when keeping an eye on housing costs. Renters can use various tips and look into the best neighborhoods. This way, they can find apartments that are kind to their wallets.

Tips for Finding Affordable Housing

For affordable rentals in Baltimore, renters can try different tactics to find their perfect home:

Utilize Online Platforms: Sites like RentHop update regularly with listings. They help renters find studios from $899 and two-bedroom flats for about $1,225.
Search in Off-Peak Seasons: Looking for an apartment in winter might show more discounts and better opportunities.
Negotiate Lease Terms: Talking about rent and lease conditions with landlords can lead to more favorable terms or lower rental rates.

By applying these strategies, those seeking affordable housing in Baltimore can boost their chances of landing a property that fits their budget.

Top Neighborhoods for Budget-Friendly Rentals

Some Baltimore neighborhoods are known for their wallet-friendly housing choices:

Westgate: With competitive rents, Westgate has a selection of affordable apartments perfect for budget-conscious renters.
Pen Lucy: This area is known for its budget-friendly rentals, attracting those in search of less expensive living options in Baltimore.

Westgate and Pen Lucy offer great living spaces at reasonable prices. They're excellent choices for those prioritizing affordable housing.

For key details on average rent prices in Baltimore and comparisons with other cities, check out RentHop.

Methodology for Calculating Average Rent

The way we figure out average rent in Baltimore uses reliable data from the Census Bureau. We predict future data based on growth rates seen in listings. This method matches the accuracy of federal stats, meaning we can trust it (Baltimore rent data). We start by comparing rents in different places, like Baltimore City and Montgomery County. This shows us how rent changes based on where you are and the economy¹⁰.

Apartment List gets accurate numbers using a same-unit analysis, like the Case-Shiller way. This approach avoids mistakes often found in other data, giving a better view of how rents move (rental market analysis Baltimore). This method is built on important points:

Home Value Metrics: Rent usually goes from 0.8% to 1.1% of a home's worth in Maryland. A three-bedroom house priced at $75,000 might rent for around $825 a month¹⁰.
Vacancy and Maintenance Calculations: Maintenance might cost 5% of rent each month, and more in old places. About 10% of rent is set aside for when a place is empty¹⁰. This helps figure out a fair rent price¹⁰.
Price-to-Earnings Ratio: A healthy property market has a P/E ratio of 16.00 on average. When this ratio is higher, like 21.20, it signals rent might be too high compared to the average. This can slow down the market if prices aren't adjusted¹⁰.

In 2023, rent growth in Baltimore shows landlords are changing how they set rent. The average rent rise slowed from 65.14% in the first quarter to 60.13% by the end of the year¹¹. A survey showed 69.03% of landlords charge different rents for renewals than for new leases¹¹. While 56.28% raise renewals by 0 to 5%, only 19.76% increase rent by 5 to 10%. This shows they're careful in adjusting rents¹¹.

Landlords also follow local laws. Since April 1, 2021, they have to give tenants a "Tenant Rights" brochure in Baltimore. This pamphlet explains legal help, how to deal with disputes, and rights regarding unpaid rent¹². Leases must clearly say if tenants pay for services like water, which makes rent costs clear¹².

Using this detailed method, plus understanding economic and local laws, Apartment List offers a clear view of Baltimore's rental market. Their estimates are thorough and up-to-date.

Conclusion

The insights on Baltimore's rent in this piece give a full view of the rental market. They show trends, average rents, and how they stack up to other places. Key points like the 88.2 living cost index, differences in costs near Baltimore, and job trends are highlighted. These show the local economic scene¹³ ¹⁴.

Knowing this info is key for making smart renting choices in Baltimore. The article talks about the average rent and how it's changing. It gives insights into living in the city or the suburbs. It touches on the recovering job market and Baltimore's high poverty rate. These are vital for current and future renters¹³.

It's also wise to think about credit score needs, how much you need to earn, and getting rental insurance. Baltimore's landlords usually ask for these¹⁵. Armed with Baltimore's rent insights and market overview, you can better understand what's out there. For the best advice, always talk to a licensed expert on legal and money matters.

FAQ

What's the average rent in Baltimore, MD?

The average rent in Baltimore is $1,450. This shows the cost of living in this area.

How do Baltimore's rental prices compare to the national averages?

Rental prices in Baltimore are a bit higher than the U.S. average. They've grown by 2.8% compared to the national average.

What are the current trends in Baltimore's rental market?

Currently, Baltimore’s rent prices are up by 1.5% from last year. This shows a stable increase in the market.

How does Baltimore's rent growth compare with other major U.S. cities?

Compared to cities like Austin ($1,474) and Nashville ($1,446), Baltimore's rent is competitive.

What are the median rents for different apartment sizes in Baltimore?

For a 1-bedroom in Baltimore, the rent is $1,227. A 2-bedroom is $1,536.

Studio apartments are around $899. And, for a 3-bedroom, it's about $1,755.

How do Baltimore's rental costs compare to surrounding areas?

The median rent in the Baltimore metro area is $1,750. In Baltimore city, it's a bit lower at $1,450.

What factors influence rent prices in Baltimore?

Rent prices are shaped by how much people want to live in an area, the economy, jobs, and how close things like the bus, shops, parks, and schools are.

Where can I find affordable rental options in Baltimore?

Look in areas like Westgate and Pen Lucy for cheaper rents. Renting off-season and talking terms can also save money.

What is the methodology for calculating average rent in Baltimore?

The average rent is calculated using Census data and listing growth rates. A method like Case-Shiller's is used to ensure the growth rates in rent are shown correctly, avoiding biases.