If you are a real estate investor, looking for opportunities to unlock investment value, then Harford County, MD is where you should invest. Vacancy rates across residential, retail, office and industrial markets are in favorable territory. However, you need expert local guidance to help you tap into specific opportunities. Maryland rental management companies who specialize in the area, can help guide investors about where to look for great bargains.
Opportunity by the Numbers
Prospective real estate investors can find opportunities across every sector in the Hartford County rental space. Rental rates vary, from $7.23/sq. ft, to $22.49/sq ft. The challenge, however, is in locating those opportunities.
According to analysis of data from the 2021 American Community Survey Census, the median monthly rent in Harford County, MD is $1,294. That’s just 9.35% less than the average rental rate of the entire State, which stands at $1,415. However, when compared to the United States broadly, where average rental value is $1,095, rental management companies in Harford County Maryland have determined that the County commands an average rental rate that’s 18.17% more than the broader US rental market – which says a lot about the rent-generating potential of Harford County rental property!
But there’s more opportunity underlying in the numbers, which make renting, and even investing in rental property in Harford County, a wise move. The median home owner in the County pays $1,556 towards homeownership costs. This includes mortgage, insurance, utilities, and other home ownership costs. While those costs are slightly below the median for the State – $1,658, they’re the highest among other Counties in the State. And that’s a fact that propels prospective homebuyers into the renter’s camp.
Because of its lower median costs, renting (versus owning) makes more sense to housing-seekers, which means rental housing is bound to see a spike in demand. The opportunity question, that most Maryland rental management companies ask prospective property investors, is this: Why not invest in rental properties now, since the numbers clearly outline a growing opportunity to do so?
Unlocking the Value of Rental Property
As a prospective investor in rental properties in Harford County, the single most important factor to keep in mind is to continue to build value in your investments. And here’s how you can accomplish that:
- Consult rental market industry experts before you buy your property
- Evaluate the business plans carefully, so you know there’s great rental income potential in the neighborhoods where you plan to buy
- Don’t underestimate the power of great property up-keep, sound tenant-owner relationships, and exceptional renter/rental property management processes and practices
The best way to build, enhance, and unlock the value of your rental property is by making sure you only work with experienced rental management companies in Harford County Maryland. Forging a partnership with local rental property managers ensures you make the right decisions about entry into a market that has promising future potential. That potential can then be unlocked by leveraging the property management companies network of contacts. Attempting to do it all by yourself is likely to cost more – in terms of time and investment dollars – and may not result in realizing the true potential of your investment.