Are you interested in finding the best rents in Baltimore? Ready to jump into real estate investing but not sure which is the best area to start in?
Ever since the COVID-19 pandemic brought uncertainty to the housing market, Baltimore has been the exception. By October of 2020, Baltimore sellers saw offers at or over the asking price, and that trend has continued.
Keep reading to see our guide to the best areas and find some great places to invest.
What Makes a Good Rental Property Investment?
Real estate is a nuanced area, but it's always worth looking into property investment. The market constantly changes, with prices fluctuating depending on complex factors.
However, there are a few that you should pay particular attention to if you want the best deal.
You've undoubtedly heard people talk about the location before. It's cited as the most important factor when looking for a property. That's not surprising. If you've ever lived in an area where you're far away from schools, shopping, and transport, you'll know how important location is.
What does the area's overall economic trend look like? Are houses affordable? What are the unemployment rates? How much new construction is going on?
These are just a few of the questions you should be asking yourself when looking at an area.
Paying attention to how many vacant houses are in an area gives you a good idea of the value. If an area has many long-standing vacancies, it's a sign that it's not as popular as it used to be.
Of course, that can present an opportunity to invest money smartly as well if the area picks up.
Plans for future development work together with vacancies. An area with many vacancies may pick up drastically if there are plans for significant developments in the future.
Finding the Best Rents in Baltimore
Now that you know what to look for in an area let's look at where to invest money. We'll break down some of Baltimore's best investment areas below.
This upscale neighborhood is right on the waterfront. Renters are close enough to walk to the National Aquarium, Science Center, and other attractions. Real estate investment in this area has historically been strong and will probably stay that way.
Brick houses, markets, outdoor parks, and close-by arenas all combine to attract people to Federal Hill. As a result, you'll find lots of students and young families in this area.
Canton has seen an uptick in interest over the last few years. The waterfront homes and apartments are popular among all kinds of people. Add to that a penchant for fine dining and famous bars, and you've got an attractive area for investment.
Hampden is known for its sense of community. Beyond that, it has a reputation for niche businesses. The area is made up mainly of town-homes which can be a preferred avenue for rentals.
Being so close to Johns Hopkins University means that Charles Village is ideal if you're interested in student housing. But, of course, it's not just students that are attracted to Charles Village.
There's always the allure of the historic Pastel Row, a set of restored Victorian "painted lady" houses with colorful frontage. Investors also tend to be interested in the high-rise and loft properties in this area.
As one of the quieter areas, Mt Washington gives a much-needed break from city life. Terrace apartments, cottages suited for a single-family, and historic Victorian constructions are all found in this area.
Ready To Start Investing?
It can be daunting to find the right property to invest in. That's why using a professional property manager to help you find the best rents is often the best idea.
We help people to manage more than 13,000 properties, and we can help you too. We love handling all the little details so that you can simply enjoy your investments.
Ready to dive in? Give us a call now.