Baltimore's Fells Point ZIP code among most expensive rental markets in the state

Baltimore may be cheaper for renters than Washington, D.C., but part of the city is among the most expensive places in the state to lease a place to live, according to a new report.

With an average rent of $2,187, Baltimore’s 21231 ZIP code, which encompasses Fells Point, Butcher’s Hill and Harbor Point, came in fourth in a report by apartment search website RENTCafe that ranked Maryland ZIP codes by average rent.

The report is based on rent and construction data from Yardi Matrix, a sister company of RENTCafe.

Wealthy Montgomery County ZIP codes in Chevy Chase (20815), Bethesda (20814) and Potomac (20854) topped the list.

The average monthly rent in Chevy Chase is $2,392. That’s about $1,000 more than the national average.

But while rents in the Washington, D.C., suburb have increased just 1.27 percent since this time last year, rent in Baltimore has shot up 4.74 percent during that time, according to the report.

Citywide in Baltimore, the average rent comes in much lower, at $1,147, as more affordable units balance a swell of luxury units being built. About 9 percent of units cost more than $2,000, according to RENTCafe.

Meanwhile about half of Washington, D.C.’s rental stock fetches over $2,000 a month. The average rent in the nation’s capital is $1,899, according to RENTCafe.

sarah.gantz@baltsun.com

twitter.com/sarahgantz

Copyright © 2017, The Baltimore Sun, a Baltimore Sun Media Group publication | Place an Ad
45°