Baltimore vs Nearby Cities
Baltimore is one of the more affordable cities in northeastern Maryland. It’s common for buyers to pay around $100 per square foot in this city, but prices in many surrounding cities often go beyond $200 per square foot. The median home value in Baltimore tends to stay below $200,000 with the median listing price staying close to $200,000 most of the time. Compare that to median listing prices above $350,000 in nearby cities like Columbia, Ellicott City and Towson. The value of homes in these cities is also much higher than values seen in Baltimore.
Baltimore Property Managers
If you don’t have the time to keep up with your tenants and make sure that all rules and policies are followed for your rental properties, it’s time to hire an experienced manager. While serving as your representative, your manager will handle the maintenance of your properties while keeping your tenants happy and protecting your investment in many ways.
Baltimore Property Management Fees
Expect a Baltimore property manager to charge a percentage of the rent collected from your property. They may also ask for a vacancy fee if you have unoccupied units. Rates can go up to 12 percent of the rent collected, but you may pay more if you want your manager to handle advanced services.
Maryland Landlord/Tenant Laws
- Landlords are permitted to keep application fees that total $25 or less.
- Oral agreements between a landlord and tenant can serve as legal rental contracts as long as the lease is for less than 12 months. Written leases are required for longer agreements.