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Portable Tenant Screening Report: A Comprehensive Guide
Discover the benefits and considerations of Portable Tenant Screening Reports (PTSRs), which offer a cost-effective, reusable screening option for tenants and require...
The Baltimore Rental Market Trend Report analyzes four key data points: active listing growth, renter lead growth, average renter leads per property, and the average rent price for two-bedroom listings.
In the first quarter of 2020, active listings for Baltimore followed normal seasonal trends. With January reporting a large jump, February declined by 12%, and March posted an increase in active listings of 14%. In 2021, listings have lagged after a strong increase of 26% in January. April 2021 saw a decrease in active listings of 20% and stayed the same in May.
Demand on the renter side has experienced similar volatility throughout 2020. We saw the most demand in January of 2020, with 86 leads per property on average. The rest of the year fluctuated with a large jump in November of 120%. However, in 2021 the percentage of leads slowly decreased and hit a low of 15 for April 2021. May saw a solid increase of 69% and average of 26 leads per property – we predict the numbers will continue to rise as pandemic restrictions begin to loosen.
For the first two months of 2021, the average rent was down year-over-year with $100+ differences from 2020 – however, we started to see an increase in March. The average rent for May was up by over $100 compared to last year, however, June is down by a staggering amount. Looking back at 2020, rent prices decreased and increased in Baltimore, with the biggest dips in August and November. Interestingly enough, listings and demand declined in December, but the average rent increased to $1,245.
We will continue to update this data every month. If you have data requirements that are outside the scope of this article, please email [email protected]. We have ongoing data collection and are happy to supply another data set if it is available. Check out all of our COVID-19 landlord resources here.
If you are in the process of filling your properties, TurboTenant can help streamline your rental process with easy and free online rental applications as well as thorough tenant screening so you can find the best renter for your property.
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