Rental Market Analysis in Maryland
Are you considering investing in rental property in Maryland? Perhaps you already own property and want to make sure you set the proper rental rate for the best return on investment. Correctly estimating the price you can set requires knowledge of the Maryland rental market.
At Tidewater Realty Group, we provide rental market analyses to help you understand your property’s Fair Market Value and give you the tools necessary to negotiate its market price. Whether you currently own or will soon purchase an apartment complex, condominium, or single-family home in Maryland, let us assist you with calculating your monthly rent so you can then assess the viability of this investment.
To schedule a rental market analysis, please call Tidewater Realty Group at (443) 548-0191(443) 548-0191 today!
Why Request a Maryland Rental Market Analysis?
Setting the price is the first step of preparing your rental property for a tenant. For a general idea of how you might want to price your rental, examine the going rate for similar properties in Maryland. Just remember, this is only the first step. If you don’t dig a little deeper with help from Tidewater Realty Group, you might choose the wrong comparisons or leave out vital variables that could affect your asking price.
The result of setting your rate too high is a long vacancy period as renters snatch up other more affordable properties instead of yours. Then, setting the price too low prevents you from maximizing your investment.
Rather than play this guessing game, choose Tidewater Realty Group to conduct a formal rental market analysis. Not only is our team intimately familiar with rental rates across Maryland, but we also have the numbers, research, and statistics to back us up. Our years of experience combined with our resources and critical thinking skills are sure to provide you with the best possible market analysis so you can set the perfect rental rate.
Factors of a Rental Market Analysis
- Size and type of unit: Many people start estimating the rate they will charge based on the property’s square footage. This means that homes tend to rent at a higher rate than apartments because of their larger size.
- Location: Consider the desirability of the neighborhood, how urban the setting is, the rental’s proximity to amenities, and the exact location of the property.
- Number of bedrooms and bathrooms: These figures correlate directly with how many people can comfortably live in a home or apartment. More beds and baths create the opportunity to charge a higher rate.
- Age and style: Newer, more stylish properties with great curb appeal tend to rent higher than outdated buildings.
- Upgrades and amenities: If you furnish the unit, update the appliances, or install a washer and dryer, these improvements allow you to increase your asking price.
- Views: A view of nature is always worth more than a view of the highway.
- Lot size: The living space extends outside, especially for single-family homes. A larger lot makes a higher asking price appropriate.
- Vacancy rate: This determines the level of demand you can expect. Tight markets with low vacancy rates put your property in high demand, so you can set your rental rate higher and still attract applicants.
Request a Maryland Rental Market Analysis
The goal of a market analysis from Tidewater Realty Group is to provide you with the confidence you need to set the ideal rate for your rental property. After a quarter of a century in the business, we have mastered the art of market analyses and other real estate services.
Contact us today to find out what your property’s rental rate should be.