The top rental markets in Maryland are Baltimore, Upper Marlboro, Germantown, Silver Spring, Gaithersburg, and Bethesda.
The TurboTenant Report includes analysis of the average number of leads per property, the average number of days on market, average rent price, median sale price, median income, security deposit trends and livability score.
Maryland Rental Trends:
Maryland is right next to America’s capital which is advantageous for renters and landlords as it is more affordable while still only being a short train away. This small, but heavily populated state has positive numbers in all categories. Here are some highlights from the top rental markets in the Free State.
Days on Market:
The city with the lowest days on market is Germantown at 11 – under the national average which sits at 15 days; Gaithersburg has the highest number of days on market at 28.
The top three towns for the largest amount of leads per listing are around the national average sitting at 38. Here they are:
- Baltimore – 48 leads per listing
- Silver Spring – 38 leads per listing
- Germantown – 37 leads per listing
Average Rent: (2 bedroom listings)
With the national average rent at $1,207 for a two-bedroom, Baltimore comes above that with the lowest average rent of $1,398 for a two-bedroom compared to the highest rent in Maryland at $2,411 in Bethesda.
Median Home Sale Price:
According to data from Redfin, which is a national real estate brokerage company, the national median home sale price sits at $306,400. Maryland’s highest median sale price comes much above that at $840,000 in Bethesda with its lowest median sale price at $118,000 in Baltimore.
Maryland’s median income rings in at $57, 270 – over the national average at $48,500.
Security Deposit Trends:
Security deposits have both risen and fallen in Maryland cities between 2018 and 2019. With the largest being an increase of 19.12% in Germantown at $1,900, and the largest decrease in Bethesda at -11.65% with the current average at around $2,200 – over the national average for security deposits which is $1,200.
All of the Maryland cities have a livability score of 60 or higher with the highest being Upper Marlboro at 81!
Please visit here for our full methodology.
Whether you’ve found the best investment property in these top rental markets, or somewhere else, TurboTenant can help streamline your rental process with easy and free online rental applications as well as thorough tenant screening so you can find the best renter for your property.