Rent prices in Maryland are continuing to rise, and this is causing issues throughout the state and beyond. Though it might seem like something that is likely to happen simply because the cost of living is also rising, it is also vital that renters look into the causes of such a rent hike.
Proximity to DC
One of the major reasons why we are seeing such a rise in the rent prices in Maryland is that the state borders Washington DC. Though there are many beautiful places to live throughout the district, the high costs here simply don’t make it feasible. Instead, the majority of people who work here will live in neighboring states and commute each day.
This, obviously, means that many choose to live in Maryland. As more and more people are priced out of DC, they will choose to head out into the Old Line State. However, in doing so, they will raise the prices of the places where they choose to live. Demand will always drive costs up. If people find themselves priced out of DC itself, they will look to places like Maryland where the rent will be cheaper. As they move in, landlords will react and raise their prices to compete with the higher demand, and it might become difficult to find spacious apartments and access to the right amenities. It is something that we have seen time and time again throughout the U.S., and it is likely to happen again in Maryland.
Changes to the Market as a Whole
It is vital to remember that a rise in rent prices will not be an isolated thing, but instead will drive up the cost of living elsewhere. Those who decide to investigate the Maryland markets will soon find that other aspects of making a home here will be more expensive. Though there are some areas where savings can be made, there are others that need to be investigated carefully to ensure that the right deal is made.
For example, many might decide to look at renters Insurance in Maryland when moving here, as this is needed to protect your belongings. Though the house that you choose to live in might be insured by the landlord, there is no guarantee that anything you put in it will have any protections. This is why it is recommended that all renters take out an insurance policy that will protect them as needed.
The hike in rents might have a very real knock-on effect in places like insurance. All renters in Maryland need to ensure that they know how to track down the best deals for them.
A Renter’s Market
Unfortunately, in the area surrounding DC we are always likely to see a renter’s market. There are so many people coming and going even if they are not politicians or tied to a politician’s staff in some way. Though there are many who have bought property and made it their home for decades, there are even more who might only be living here for a few years. For many, it might not simply be feasible to purchase a property when they know that they will be moving on again in just a few years.
For this reason, many landlords might be reluctant to offer out long-term rents. With long-term rentals, you can end up locking into agreements with the tenants, and it means that you could potentially miss out on some of the revenue that can come from the quick turnarounds of short-term tenants. With as vibrant a population as DC has, and with this constant stream of people looking to come and go, it is little surprise that we are seeing states like Maryland affected by the changes that are being made here.
Rent prices in Maryland are continuing to rise, and it is difficult to see when they will plateau. Though not everyone who lives in Maryland will work in DC, the proximity does make it a very popular commuting destination. Landlords and renters in this state alike need to make sure that they are smart, otherwise they could end up with a market that no one wants to rent in. The rising prices need to be controlled soon, or the market will out price people too rapidly.