Residential rental rates for Maryland in 2013 reflected a monthly gross median of approximately $1,210, while the annual gross amount was approximately $1,220. These averages showed a similar status in 2014 with only a slight to no increase in various areas. The comparison of the U.S. median gross to that of Maryland reflects a positive one-year change of .89% for the U.S. and a positive 1.85% for Maryland. The average median and gross reflected in 2013 was the highest demonstrated over the past 8 years. Changes in the average rental and purchase cost for apartments, homes, and commercial properties are reflective of the economy and other factors as well.
2014 Apartment Rental Trends
All apartment rentals will be affected by the neighborhood in which they are located, as some areas offer premier rental opportunities for those seeking rentals. The most expensive neighborhoods in the Baltimore areas are Locus Point, Jonestown, and Federal Hill. The least expensive neighborhoods are Downtown, Mount Vernon, and Belaire-Edison. Location is a major consideration in the factor of rental and retail trends for apartments and commercial properties alike. September, 2014 apartment rentals in Maryland are averaging approximately $1,210 per month. This is the average of rental rates among one to three bedroom apartments. Single bedroom units rent on average for $1,024 per month and double occupancy bedrooms rental average is about $1,215 per month. The increase in apartment rental rates over a period of the last 6 months reflects a general increase of approximately 7%. This increase reflects a 5% increase margin for single units and an 8% increase for double bedroom apartments.
Commercial Property Retail and Rental Trends
The current commercial market trends of Maryland reflect an incline of slightly more than 1% in the average square ft. price of the commercial retail industry. This is a comparison to the previous 3 months and an incline of just below 10% in comparison to 2013 prices. The county comparison of retail prices in the commercial sector show a reflection of less than .3% which is approximately $111 per sq. ft. The current average is about $122 per square foot for Maryland properties. Rental trends for commercial property in Maryland mid-August 2014 were approximately $19/sq. ft. This reflects no increase margin over the prior 3 months but an increase of a bit more than 9% from year to year. The countrywide rental average in Maryland is less, reflecting approximate rates of $19.50 per sq. ft. /annually for office rentals or leases.
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