Investing in rental property in any jurisdiction requires a lot of intimate local knowledge. It also requires the ability to serve stakeholders in those communities, based on their unique laws and traditions. Experienced, professional rental management companies in Maryland provide investors those local connections that make for a better managed portfolio of rental property. It also frees investors to live their lives, stress-free, while using technology-driven tools to constantly oversee activity in their portfolios.
The Trend is Your Friend
The median sales price in Baltimore County was $299,000 in October 2021. That’s a 6.8% increase (approximately $19,000) from the same period last year. Overall, the County also saw more units sold (1,178 versus 1,168) this year versus the prior year. The median days on the market, in the County, was 8, while for Baltimore City, that metric was 14-days. The City also saw its median sale prices shoot up by a whopping 14.8% – to $210,000 – a spike of over $27,000 since last year.
Clearly, sellers seem to have the upper hand – for now, but if you wait much longer to get into the market, things might get even more heated by the time you decide to invest. But understanding trends also involves looking at local demand and supply dynamics. In October 2021, there was only 0.9 months of supply of housing inventory left in Baltimore. In 2019, that value was 3-months, and it dwindled down to 1.2 the following year (Oct 2020).
For Baltimore rental management companies, this trend is critical because it highlights that the demand for housing is eating-up supply at a rapid pace. As supply tightens, there’ll be fewer units available for investors to snap-up, causing a greater increase in prices. If you’re looking to invest in a portfolio of rental properties in Baltimore, or across Maryland, then there’s no better time to make your decision than now!
Good Partnerships Matter
Whether you are local to Baltimore, or whether you are an out-of-state investor looking to expand your real estate portfolio to include rental property in Maryland – teaming-up with the right partner matters. To leverage investment value for money, requires local knowledge and extensive rental real estate management experience. Partnering with one of the best rental management companies in Maryland provides you that perspective.
So, why do such partnerships matter?
- You’ll receive an “insiders” perspective of the rental market, from a team that lives and breathes the industry every day
- Access to technology-driven rental management portals offer value-adds to all stakeholders, including homeowners, tenants, and investors
- Your partners deliver a range of property management services, including tenant relationships, rent collection, dispute management, maintenance, and dealing with regulatory bodies
- Having a team of experts, under one roof, gives you the benefit of comprehensive, integrated, solutions, from marketing and leasing advice to suggestions on enhancing a portfolio
At the end of the day, having one of the premier Baltimore rental management companies as a partner, not only relieves you of the stress of day-to-day rental property management; it also provides your renters and tenants an always-available, seamless, single point of contact. The secret to higher property values, and commanding better rental value, is better property management. Strong local property management is the answer to that secret!
