Last updated on June 21st, 2023
best places to buy rental property in maryland
Key Takeaways
♦ Baltimore is an STR-friendly city with economic stability and a tourist market that has helped plenty of hosts in the city to earn a good rental income.
♦ Learn about the advantages real estate investors can expect when investing in a rental property in Baltimore and nearby areas.
♦ Get to know the top 10 areas for Airbnb investments nearby Baltimore along with their respective Airbnb data and recommended property types.
Introduction
Baltimore, also known as the Charm City, is located on the East Coast and lies at the head of the Patapsco River. This port city is the largest city in Maryland state and is also its economic center.
Baltimore is a charming city with a rich history, stunning sea views, and lively culture that can easily make anyone fall in love with it. From a fascinating inner harbor to historical buildings and bustling streets, this city is easily a catchy destination.
Baltimore perfectly blends its historical areas with modern architecture that provides a beautiful environment. Yet, you may be wondering, which areas or nearby cities in Baltimore should you target to start an Airbnb property investment?
In this article, we feature the best places to buy a rental property in Baltimore, Maryland and the expectations you should have for Airbnb investments here. Continue reading to learn more.
Pros of buying rental property in Baltimore
Investing in real estate in Baltimore can become a great way of earning a nice passive income that will allow you to achieve financial freedom. The city is filled with cultural attractions, sports events, and a lively music & art scene. Thus, Baltimore opens the doors to interesting investment opportunities.
However, what kind of advantages does the Charm City offer to real estate investors? Check out some of the major benefits that Baltimore offers:
♦ Real estate market affordability
Housing market affordability is one of the major factors that investors usually consider when choosing the right location to invest in a property. Baltimore is an affordable metro area where the average property price is $195K and the median sold price is $187K as confirmed by Realtor.
♦ STR-Friendly City
Becoming an Airbnb host after buying a rental property is a great idea, but first, it’s always important to consider the local laws and regulations of your preferred area. Luckily, Baltimore is one of the top 10 STR-friendliest cities in the US, so if you want to start an Airbnb business here, you will have the great advantage of facing fewer requirements and smother regulations.
♦ Plenty of things to do
The Charm City offers a dozen of top-tier attractions to explore and exciting leisure activities throughout the area. From top-notch museums to an excellent cultural & arts scene, chic boutiques and green recreation areas, there are many fascinating options to choose from.
So if you ever aim to cater to tourist accommodations in Baltimore, then you will be interested to know that it welcomed around 24M tourist arrivals in 2021 which contributed a total of $2.7 billion to the city’s economy.
♦ Minimal risk of natural hazards
Baltimore has a great location on the East Coast, which allows the city to offer temperate climate conditions during the four seasons. Thanks to this, it’s easy to enjoy any type of activity throughout the year.
Furthermore, Baltimore is not prone to natural disasters such as wildfires and earthquakes according to Dwellics. Having said that, on some occasions they can experience some Pacific storms.
Is Airbnb Profitable in Baltimore?
Worried that your real estate investment in Baltimore won’t be lucrative? Be at ease, Airbtics confirms that Airbnb Investment Properties in Baltimore are indeed profitable.
In fact, Baltimore is one of the US cities where an average Airbnb host can earn up to $2,000 monthly revenue. Albeit, it should be noted that the level of profitability always depends on your property type and specific location.
According to Airbtics’ data, an Airbnb host can expect an occupancy rate of 61% and an average daily rate of $196 for operating a 3-bedroom property in Baltimore, Maryland.
Top 10 Most Profitable Areas for Airbnb nearby Baltimore
Baltimore is the most populous city in the state of Maryland, being home to more than 200 neighborhoods, thus, you may wonder – where should I invest in Airbnb in Baltimore?
Let us lend you a hand! Check out the best neighborhoods and nearby cities in Baltimore, MD that are recommended for property investment:
1. Pigtown, Baltimore
- Total Number of Airbnb Listings: 52
- Best bedroom size: 3 bedrooms
- Median property price (3 bedrooms): $252,000
- Airbnb Annual revenue: $47,325
- Gross rental yield: 18.54%
2. Fells Point, Baltimore
- Total Number of Airbnb Listings: 58
- Best bedroom size: 2 bedrooms
- Median property price (2 bedrooms): $325,000
- Airbnb Annual revenue: $58,185
- Gross rental yield: 17.90%
3. Canton, Baltimore
- Total Number of Airbnb Listings: 57
- Best bedroom size: 4 bedrooms
- Median property price (4 bedrooms): $489,900
- Airbnb Annual revenue: $86,939
- Gross rental yield: 17.75%
4. Downtown Baltimore
- Total Number of Airbnb Listings: 222
- Best bedroom size: 2 bedrooms
- Median property price (2 bedrooms): $169,900
- Airbnb Annual revenue: $32,292
- Gross rental yield: 15.88%
5. Riverside, Baltimore
- Total Number of Airbnb Listings: 32
- Best bedroom size: 2 bedrooms
- Median property price (2 bedrooms): $250,000
- Airbnb Annual revenue: $38,912
- Gross rental yield: 15.56%
6. Columbia, MD
- Distance from Baltimore: 20 miles
- Total Number of Airbnb Listings: 38
- Best bedroom size: 3 bedrooms
- Median property price (3 bedrooms): $325,000
- Airbnb Annual revenue: $62,678
- Gross rental yield: 19.29%
7. Annapolis, MD
- Distance from Baltimore: 33 miles
- Total Number of Airbnb Listings: 313
- Best bedroom size: 2 bedrooms
- Median property price (2 bedrooms): $399,900
- Airbnb Annual revenue: $89,081
- Gross rental yield: 17.47%
8. Silver Spring, MD
- Distance from Baltimore: 34 miles
- Total Number of Airbnb Listings: 133
- Best bedroom size: 3 bedrooms
- Median property price (3 bedrooms): $420,000
- Airbnb Annual revenue: $64,336
- Gross rental yield: 15.32%
9. Washington DC
- Distance from Baltimore: 34 miles
- Total Number of Airbnb Listings: 3,511
- Best bedroom size: 3 bedrooms
- Median property price (3 bedrooms): $765,000
- Airbnb Annual revenue: $87,632
- Gross rental yield: 11.46%
10. Ocean City, MD
- Distance from Baltimore: 103 miles
- Total Number of Airbnb Listings: 2,359
- Best bedroom size: 3 bedrooms
- Median property price (3 bedrooms): $539,000
- Airbnb Annual revenue: $62,678
- Gross rental yield: 11.63%
Takeaway
Nearby cities and neighborhoods in Baltimore offer a variety of property options and also great investment opportunities to real estate investors. With plenty of profitable areas that can generate a good rental income, Baltimore is a catch for investors and hosts. However, we advise you to always analyze your options carefully.
Investors like you can earn a nice income if they target one of the best places to buy a rental property around Baltimore, Maryland. But don’t stop there and go further in your journey by checking out our free Airbnb calculator. Choose to surpass your competitors while maximizing your profitability now!
Explore The Most Profitable Airbnb Locations Near Baltimore
