If you’re thinking about investing in rental property in Baltimore or anywhere in the Baltimore zip code area you might be wondering what makes a good rental property in Baltimore. We’ll share with you 3 of the factors to see if rental properties are right for you…
Rental properties can be a great investment. From the cash flow to the security of owning a real asset, real estate investors have known for a long time that rental properties are an amazing asset to keep in your portfolio. But one question persists that needs to be answered before you invest, “What makes a good rental property in Baltimore?”
After all, you don’t want to invest in ANY property – you want to invest in the right one! So, here are 3 of the best factors that make up an ideal rental property in the 21224 zip code and surrounding area. We tell you which areas are strong rental areas and which areas are more homeowner populated. This makes a difference the ammeneties surrounding each property.
What Makes A Good Rental Property In Baltimore?
#1. Strong House, Cosmetic Upgrades Only
Unless you’re handy, or have a lot of experience, you may not want to invest in a house that requires a lot of effort to get it ready to rent. After all, every day that you delay renting is a day that you don’t get the cash flow you desire. A strong, well-built house that is free of problems and only needs cosmetic upgrades is a great place to start. Yes, you might pay a little more up-front for this kind of property but you’ll save time and money afterward in getting it ready to rent. Upgrades should enhance the curb appeal of the property. tenants take care of thing they’re proud of. Delivering a strong property in the beginning will ensure that there are fewer repairs and or maintenance in the future and built your reputation as a good landlord.
#2. Affordable
While you might want to spend a little more for a house that is already in good condition, you’ll still want to make sure that it’s affordable. In the Baltimore area, there’s a mix of properties – some are affordable and others are not. (This is what we do here at Baltimore Housing Source, Inc – we find the affordable ones! Give us a call at (410)775-6573 or click here and fill out the form to see some affordable rental properties in the area.) Baltimore has such a diverse level of architecture that you can find any size or type of property to fit your investment needs. We at Baltimore Housing Source, Inc work in concert with the city and state to put together opportunities for our local and national buyers to create a win- win situation for the property buyer and the city of Baltimore, Maryland.
#3. Good Rental Market
You also need to make sure that this is a good rental market. The truth is, not all markets are good rental markets. In some areas, everyone buys and nobody rents; in other areas, everybody rents but they move too much. A good rental area is one where there are plenty of long-term renters. Because of the raise in interest rates and shortage of affordable housing Baltimore is a very sought after metro area for rentals for savvy investors. Good rental markets generally include easy access to necessities for residents. If most of the renters needs can be met by walking to local shops, stores and eateries the tenant will likely become a long term tenant. Access to schools and recreation also is very important to some tenants we explore and help create such neighborhoods showcasing Baltimore’s unique vibe.
Summary
These three factors exist in rental properties throughout the Baltimore area and we can help you find them. In fact, we’ve got an inventory of properties that meet these and other requirements for what makes a good rental property in Baltimore… and our clients love working with us because we help them bypass the time and effort required to FIND these properties, since we’ve already done a lot of the legwork. We enable our clients to move quickly to take advantage of Baltimore’s growing rental market. We have connections will local contractors that will make your transition generational wealth easier.