By Steve Kilar
The Baltimore Sun
8:00 AM EDT, October 16, 2012
Every month, the average renter of a high-end apartment in Baltimore pays $1.92 per square foot of space, according to a study of third quarter numbers released Thursday by the commercial real estate research firm Delta Associates.
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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