Source: HarborEast.com
The Harbor East and Fells Point neighborhoods are the most expensive in Baltimore City, yielding asking rents of $2,750 and $2,550 per month, respectively. Asking rents in these highly sought-after waterfront communities rose more than $400 per month since the start of 2022, an increase of more than 20%.
Average asking rents could increase further in the coming years as hundreds of luxury apartment units are underway in these two neighborhoods.
Canton and Federal Hill are the next most expensive neighborhoods with current asking rents of more than $2,150 per month. Average monthly rents in Federal Hill rose by nearly $300, an increase of more than 15%. With stabilized vacancies at roughly 5.5%, asking rents could rise further as Federal Hill continues to attract young professionals.
Monthly asking rents in Canton rose by $125 (6% increase) since the start of the pandemic. Canton’s inventory has grown by more than 230% in the past decade, adding more than 1,100 units to the neighborhood. Inventory is expected to increase further, with The Lucie, a 500-unit apartment complex, expected to come online in the next several months, averaging $2,425 per unit per month.
Source: Costar
Hampden, a renter-friendly neighborhood north of downtown Baltimore, yields the highest asking rents of all non-waterfront areas. Hampden rental rates are shy of $2,100 per month, on par with prominent places like Federal Hill and Canton. Monthly rates in Hampden increased by more than $100 per unit, a 5.3% increase since the first quarter of 2020.
Rents closer to Baltimore’s inner harbor are typically less expensive than the aforementioned waterfront communities. Apartments in downtown Baltimore normally rent for roughly $1,650, while those in Midtown rent for $1,400 per unit.
To discuss any of our current investment opportunities or for a complimentary opinion of value on your apartment property, call or email Justin Verner: (410)-960-3962 | jverner@harborstoneadvisors.com