Best places to buy rental properties in Maryland

February 1, 2022
● Written by
Teddy

Maryland

Investing in Maryland

With its close proximity to the nation's capital, high quality of life, highly educated workforce, and strong public school system, Maryland is a great state to invest in rental properties. Maryland has a strong presence in government contracting, healthcare, agriculture, and politics.

The Nophin team crunched the numbers and found the five best places to invest in Maryland rental properties.

Statewide vacancy rates

MD Rental Vacancy Rate via Federal Reserve Bank of St. Louis

Baltimore, MD

Baltimore is Maryland's largest city and is home to a number colleges and universities including the University of Maryland system and Johns Hopkins University.

  • Population: 585,708
  • Median household income: $52,164
  • Median 1-bedroom monthly rent: $1,366
  • Median listing home price: $225,000

Frederick, MD

Frederick is located in northern Maryland and is a hub for biotech and agriculture.

  • Population: 78,171
  • Median household income: $78,400
  • Median 1-bedroom monthly rent: $1,742
  • Median listing home price: $439,900

Gaithersburg, MD

Gaithersburg is home to businesses like IBM and Lockheed Martin and governmental institutions like the National Institute of Standards and Technology (NIST) and the United States Army Reserve Legal Command.

  • Population: 69,657
  • Median household income: $91,845
  • Median 1-bedroom monthly rent: $1,997
  • Median listing home price: $530,000

Annapolis, MD

Annapolis is the state capital of Maryland and home to the United States Naval Academy.

  • Population: 40,812
  • Median household income: $87,897
  • Median 1-bedroom monthly rent: $2,108
  • Median listing home price: $600,000

Columbia, MD

Columbia, located near Baltimore, is one of the most successful planned communities in the nation.

  • Population: 104,681
  • Median household income: $111,278
  • Median 1-bedroom monthly rent: $1,698
  • Median listing home price: $449,900

Nophin is landlord banking and software for rental properties

With FDIC-insured bank accounts and cards that seamlessly integrate with easy-to-use software, Nophin helps landlords increase returns and automate rental property finances. Check out what we offer on the Nophin homepage!

Methodology

To help us determine the five best cities in all states, the Nophin team used data from several sources including the 2020 United States Census, the Department of Housing & Urban Development, Federal Reserve Economic Data (FRED), the National Association of REALTORS®, Zumper, internal data, and other reputable sources. Image by Mbell1975, CC BY-SA 3.0.

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Please note: Nothing above should be construed as legal, investment, tax, nor financial advice. This content is for informational purposes only. Consult a lawyer and/or an accountant if the above is right for your personal situation.

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