A new report from Property Management Insider notes that rent prices in Baltimore are growing faster than they are in Washington, D.C.
New apartment rents grew 2.7 percent in Baltimore compared with 1.4 percent in Washington, D.C. There’s a lot more apartment construction happening in D.C., so prices there aren’t growing as fast as Baltimore, where the supply is more limited. [more]
According to the PMI report, the increase in rent prices “primarily reflects that Baltimore is almost always a limited-supply market, whereas metro Washington pretty frequently sees construction heat up to notable volumes that can slow rent growth.”
Some of the crunch when it comes to rent prices was displayed at the third annual Data Day last July: more than 50 percent of renters here spend more than 30 percent of their income on rent.
PMI’s report also notes that Baltimore has about 2,800 apartments under construction now, scheduled for completion in 2013.