Market Conditions in 21045>Question Details

Cary, Home Buyer in 21045

What is the rental market for townhouses in the Columbia area like? I want to buy a house while keeping my

Asked by Cary, 21045 Thu Apr 24, 2008

townhouse for rent...

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6
Cary, this is a great question! While the rental market is better that years past (my opinion) you will first want to consult with your mortgage banker; most banks are no longer accepting a simple lease as proof of having a tenant. Banks are now asking to speak with tenants in some cases. Also note, you will only receive about 75% credit of rent collected which directly affects your buying power.

Feel free to call if you have any questions, 410-381-3331.

Best of luck!
0 votes Thank Flag Link Sat Aug 16, 2008
The rental market (in particular prices) is getting stronger. While the values of homes have been going down, rents have been going up. This makes sense since the sales market doubled and tripled from 2000-2005, yet the rental market was flat. We still have a large population swing into our market, so there is still a demand for housing. Unfortunately, the rental rates are still undervalued when compared to the sales prices.

You will find it is easier to rent vs sell. However, when deciding to rent the decision for most people should really be a long term decision. In addition to selling a lot of homes, I invest in real estate and own and rent out about 10 properties. If you want to discuss the pros and cons and want some free pointers, give me a call anytime.
0 votes Thank Flag Link Tue Apr 29, 2008
Cary,

Thanks for clarifying the info you are looking for. In all honesty, the market for both rentals and sales has slowed significantly. I certainly would not classify the rental market as excellent. On the other hand, you do have a huge advantage because as compared with other areas, Columbia is still very desirable as it is central to so many other areas.

While it is important to look at the homes that have already been rented in order to come up with a price you will ask...it is equally important to know your competition (the active rental listings).
Feel free to contact me for additional information.
0 votes Thank Flag Link Thu Apr 24, 2008
Hi Cary,

First of all, congratulations on being financially able to move-up with a house purchase without having to sell your current dwelling. Not many folks nowadays are in a position to do so.

Oddly enough, I just pulled together some recent rental statistics for a client of mine this morning. The first page reflects detached homes and the second page, townhomes. These stats were created using the following criteria:

- Howard County-wide (not just 21045)
- 3BR, min
- 2FB, min
- 0+ HB
- 1+ garage

Here's the link to the statistics report:
http://www.linkshield.com/s/314_448

Assuming that your townhome is a close match, the numbers should not be too far off. You should focus on the "Rented" information rather than the "Active" information, since the actives reflect asking prices, and the rented category reflects actual closed, rented listings. It appears that townhomes with the criteria noted are renting for an average price of $2,175, as measured in 2008, YTD.

If you would like me to run a fresh set of statistics with different criteria, please feel free to contact me via the contact information I've provided on my web site.

Good luck!
Web Reference: http://home-sweet-home.us
0 votes Thank Flag Link Thu Apr 24, 2008
I guess to be more clear, Im jsut wondering how easy it would be to rent out my townhouse. I know it requires specifics, but in general is the rental market as bad as the home selling market?
0 votes Thank Flag Link Thu Apr 24, 2008
Hi Cary,

I am not exactly sure what specifics you are looking for but I found 9 townhomes currently on the market in the 21045 zip code. They are asking for between 1500-2200 per month. I hope this information helps. Feel free to contact me if I can help further on any of the real estate needs you may have. Please email me at ldevnew@cbmove.com or give me a call 410-615-0990. Best of luck to you!
0 votes Thank Flag Link Thu Apr 24, 2008
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