Rent Is Soaring Higher In Baltimore

Baltimore’s skyline may look beautiful, but the rents are telling a different story.

Some say that a solution to the financial headaches caused by buying homes is to opt to rent instead. But according to many of the sources we’ve found, renting might not really be a solution.

On Aug 1, 2018, there was a report stating that renting in Baltimore is getting more expensive and rising faster than national prices.

In the article written by Carley Milligan, digital editor at the Baltimore Business Journal, she pointed out that there is an increase in the rental rates in Baltimore.

Rent in Baltimore is more expensive than the national average — and rates are climbing

A new study shows that Charm City is the 22nd most expensive city in the U.S. to rent an apartment.

The report by apartment search website Zumper showed a one-bedroom unit in Baltimore right now costs a median of $1,380 and a two-bedroom unit goes for around $1,670. That’s about $170 more expensive than most cities in the U.S., and about $460 more for a two-bedroom unit.

Baltimore’s August rental rates are up 3.8 percent and 3.7 percent over last month in one- and two-bedroom apartments, respectively.

The high prices put Charm City at No. 22 on a list of 100 cities ranked by the median cost of rent in each.

Year-over-year, the report found median rental rates in Baltimore jumped 3 percent for one-bedroom units and a whopping 15.2 percent for two-bedroom units. See full story here..

So, how much do you really need to comfortably afford rent?

In a list made by Smart Asset Mortgage, Retirement and Budget Expert Derek Miller, they presented data on how much is needed for a two-bedroom apartment in 25 cities across the US. The study determined how much money you need to make to spend no more than 28% of your annual income on rent. The results show that renters need to earn more than $100,000 in seven cities.

The Income Needed to Pay Rent in the Largest U.S. Cities – 2018 Edition

Key Findings
Renting in California’s largest cities is unaffordable – There are four California cities on the list of the nation’s largest 25 cities. All four of them rank in the 10 places where you need the most income to afford rent. In San Francisco, Los Angeles and San Jose in particular, rent is expensive. The least expensive of these cities in L.A., but we estimate that you’d still need an income of $123,300 to comfortably afford a two-bedroom apartment there.
Charlotte offers good value – According to our analysis, in order to afford the average two-bedroom apartment in Charlotte, you need to earn $50,400 per year. The median household income in Charlotte is $61,000, meaning the majority of households can afford a two-bedroom apartment. In total there are 10 cities on our list where the average household can afford to rent the average two-bedroom apartment.

Place Average 2-bedroom rent Annual income needed
25. Memphis, Tennessee $769 $32,957
24. El Paso, Texas $773 $33,129
23. Indianapolis, Indiana $852 $36,514
23. Indianapolis, Indiana $852 $36,514
22. Columbus, Ohio $917 $39,300
21. Phoenix, Arizona $1,040 $44,571
20. Jacksonville, Florida $1,058 $45,343
19. San Antonio, Texas $1,085 $46,500
18. Fort Worth, Texas $1,124 $48,171
17. Detroit, Michigan $1,135 $48,643
16. Charlotte, North Carolina $1,175 $50,357
15. Houston, Texas $1,205 $51,643
14. Dallas, Texas $1,324 $56,743
13. Nashville, Tennessee $1,338 $57,343
12. Austin, Texas $1,431 $61,329
11. Philadelphia, Pennsylvania $1,672 $71,657
10. Denver, Colorado $1,720 $73,714
9. San Diego, California $2,207 $94,586
8. Seattle, Washington $2,245 $96,214
7. Chicago, Illinois $2,381 $102,043
6. Washington, DC $2,527 $108,300
5. Los Angeles, California $2,773 $118,843
4. San Jose, California $2,878 $123,343
3. Boston, Massachusetts $3,356 $143,829
2. New York, New York $3,789 $162,386
1. San Francisco, California $4,382 $187,800

See full article here..

Even apartment hunting has its hardships. In a survey made by Hunt, a company offering apartment-finding services through their website and mobile app, they showed the difficulties of finding apartments to rent.

The Struggles of Apartment Hunting in America Today

110 million Americans, representing 35 percent of the population, live in rented accommodations1 – the highest proportion since 1965.2 Millions among them are actively hunting for a new place to call home, but the search for a perfect place isn’t always straightforward.

We surveyed over 1,300 renters to uncover the stressful truth of renting in America today, from avoiding scammers to accommodating pets and coping with rent hikes.

  • One-quarter of apartment hunters said avoiding scammers was a significant issue.
  • Housing issues are the main reason for animal euthanizations among renters – 29 percent said they were unable to find a pet-friendly building.
  • 41 percent of renters would move if their rent was increased by $50 per month.
  • 78 percent of people with debt from medical bills feel stressed by rent payments, compared to 37 percent of debt-free renters.
  • 61 percent of renters would work five additional hours per week to stop the stress of monthly rent payments – 14 percent would go without sex for one year.
    See full story here..

These are the things that you have to deal with when it comes to renting properties. If you don’t want to deal with these issues, another option may be to simply buy a house. If it’s within your budget, it will be a lot easier to just buy a house. If you need help with this, you can count on AE Home Group to help you find a house in Baltimore, MD and surrounding areas. Go here to find out more:

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Open House Tips – How to Hold a Successful Open House

Open houses can sell homes. The professional real estate community appears split on whether it’s a good idea to hold open a house; although, I don’t really understand the negative thoughts. It doesn’t make sense to blatantly announce that no house should ever be held open, yet agents say it. Why would an agent want to restrict market exposure for a listing?

Common sense says it’s smart to expose your home to the largest number of buyers, and getting buyers inside to preview a home is a huge hurdle to jump.

It’s like keeping the house for sale a secret and saying, “Shh, let’s not tell anybody about this house or invite them over to see it because it just might sell!”

A side benefit for an agent to hold open a listing is the real estate agent might receive buyer leads just from being in the right place at the right time. Yet some agents have actually said, “Well, that open house sold my listing, so I better not do that again!” The successful real estate agents I know often report that at least 20% of their sales, or one in five homes, sell through an open house.

Why Some Agents Don’t Hold Open Houses

There are many reasons why some houses just aren’t suited for an open. Here are a sampling of those reasons:

Too many listings. Agents can’t be in two places at the same time.

Too much inventory to pull in buyers driving through the area.

All the homes in the neighborhood look the same.

Inclement weather discourages venturing outside.

Home doesn’t show well; too messy, smelly or cramped.

Off the beaten path of traffic.

Condominium in the center of a complex that is hard to find.

Agent apathy.

Hosting a Successful Open House

Assuming your home is presentable, spotless from top to bottom, priced correctly and located in a high traffic area, here are tips to improve the odds your house will sell at an open:

Advertise online (newspapers are a waste of money). Write colorful, descriptive ads and place them in web classifieds or open house directories, too. Post Internet listings everywhere.

Map Your Open House Signs.

1. Attach strings of balloons to each open house sign.
2. Find the busiest intersection closest to your home and put an open house sign at that corner.
3. The arrows should point buyers in the right direction.
4. Place a sign every few blocks until you end up at your house.

Remove all vehicles from the driveway. Ask your neighbors to help out by not parking in front of your house.

Open all the drapes, blinds and window coverings –– let in that light.

Do not put spices on the stove to simmer without offering cookies, and do not, under any circumstances, use an air freshener because many people are allergic to synthetic odors.

Turn on every light in the house, except lights that produce noise such as exhaust fans without separate on / off switches.

Read Full Article Here: Open House Tips – How to Hold a Successful Open House