Realtor.com report highlights declining rents nationally; situation in Maryland depends on the metro area.
As more residents are priced out of owning a home due to high interest rates, the cost of rent has become one of the biggest elements in housing affordability. A new report from Realtor.com on the status of rents shows a national downward projection but a somewhat mixed outlook in Maryland.
Baltimore-Columbia-Towson
- Median Rent (0-2 Bedrooms): $1776
- Year-Over-Year (0-2 Bedrooms): -4.1%
DC-Maryland-Virginia (DMV)*
- Median Rent (0-2 Bedrooms): $2287
- Year-Over-Year (0-2 Bedrooms): 1.8%
Philadelphia-Camden-Wilmington, PA-NJ-DE-MD*
- Median Rent (0-2 Bedrooms): $1819
- Year-Over-Year (0-2 Bedrooms): -0.5%
Maryland has connections to three of the 50 largest metropolitan areas in the country. Of those three, two (the greater Baltimore and Philadelphia areas) are experiencing declining rents. The greater Washington DC area, which includes Charles, Frederick, Montgomery, and Prince George’s, has the most expensive rents, with a median of $2287 and an increase of 1.8%.
Housing affordability has been a major issue in Maryland and received significant attention during the 2024 legislative session. Governor Moore introduced three bills aimed at encouraging affordable housing development, and MACo adopted advancing comprehensive housing solutions as one of the association’s top four legislative initiatives. Looking ahead, state and local leaders will be paying more attention to data such as this, taking cues both on the effectiveness of current policy and for the direction of future legislation.
*NOTE: This analysis looked at the entire region and not just the Maryland counties within.
