Baltimore priciest place to rent in metro region
The 15th floor of the Standard Oil Building on St. Paul Street offers great views of Mt. Vernon as well as the rest of the city. The building was renovated into apartments about 10 years ago. (Jerry Jackson / October 15, 2002)
At almost $2 per square foot, the cost of renting a top-tier apartment was higher in Baltimore than in any of its surrounding suburbs, the analysis concluded.
The western and northwestern sections of Baltimore County were the least expensive places to rent a “Class A” apartment, the firm said. In those areas, the average renter paid just $1.18 per square foot.
Howard County, which routinely has the highest average home sale price in the region, was in the middle of the pack in terms of the cost of renting. The average renter paid $1.52 per square foot for a prime apartment in Howard, according to the research firm.
On average, rent for upmarket apartments in the Baltimore metro region have grown 3.7 percent since 2011, Delta Associates concluded.
Among the Baltimore metro submarkets, the downtown area had the biggest growth in rental rates from last year. Downtown rents in Baltimore were 7 percent higher than the third quarter of last year, the study said.
Apartment vacancy across the metro region stood at 4.2 percent during the third quarter, lower than the national average of 4.8 percent, the Delta Associates report said.
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