The “buzz” around town is that there’s a crisis in the real estate market. Well, that might be true for property flippers. But if you’re looking for investment opportunities in Baltimore’s apartment rental market – then you need to read on. Here’s where you too can unlock investment value by working with specialists in property management in Baltimore apartment rental niche.
Judging by the Numbers
Renting an apartment in Baltimore, on average, costs around $1,536 – that’s for an average apartment of 825 square feet. However, Baltimore city apartment rents have a broad spectrum, ranging from $701 to $1,000 (16%), and moving beyond the $2,000-plus range (17%).
Companies, offering services for rental property management in Maryland, however, see most renters (67%) paying between $1,001 and $2,000 in monthly rent. Annualized, that’s between $12,000 and $24,000 in income from each rental apartment. For any rental property investor, looking for a steady stream of rental income, those numbers represent a rather impressive rate of return on investment (ROI). Of course, as the golden saying in real estate management goes, it’s all about location, location…location – and that applies to the rental apartment market in Baltimore too!
Investing Where There’s Value
For instance, owning rental apartments in Cedmont, Cedonia, Frankford, Rosemont East, or Wilson Heights neighborhoods of Baltimore, will typically bring in $1,042 in monthly rental income. Moving into higher-rated neighborhoods, like Guilford, Johns Hopkins Homewood, or Tuscany – Canterbury, offers monthly rental potential of around $1,688. By working with companies, that provide one-window property management in Baltimore apartment rental, investors can unlock even more value for their investment dollars. For instance, rental apartment investments in neighborhoods like Butcher’s Hill, Fells Point, Perkins Homes, Upper Fells Point, and Washington Hill, could bring in a minimum of $2,470 a month.
The Value-for-money Proposition
To say that property management in Baltimore apartment rental space is “hot”, is an understatement! The services of professional rental property managers, who deliver exceptional value to their clients, is in high demand. That’s because, technically speaking, Baltimore is a renter’s market, where 51% of the households are renter-occupied (the other 49% are owner-occupied).
It’s important that, to unlock value for your investment in rental properties, however, that you also deliver value for money to renters. Prospective renters must first perceive that “value”, before they decide to pay top-dollar in rents. Having a professional rental property marketing firm show renters that value helps.
Next, renters must also “feel” the value in the frequent interactions they have, with property owners and managers. Otherwise, it’s likely they’ll soon voluntarily vacate their properties and rent elsewhere. Only companies with long-term experience in rental property management in Maryland can help renters experience that value-for-money proposition. They do this through the use of technology solutions, such as a Tenant Portal, that enables renters to pay rent, submit and track work requests, and securely communicate with management teams.
A good property manager also adds long-term value appreciation to your property by leveraging their networks to provide high-quality maintenance, timely rent collection, and savvy representation with external stakeholders, including service providers and municipal authorities.