August 2021 Southern Maryland Single Family Home Rental Market Update Market
The Southern Maryland Single Family Rental Market continues is upward trend as rents rise, rental supply stays low, and sales supply spikes as potential homebuyers buyers withdraw from the sales market due to unaffordable prices.
Here are the stats:
Inventory
-Currently Approx. 40 homes for Rent in Southern Maryland and Approx. 1200 for sale!
–Housing Inventory for Sale has spiked in the last 30 days from 700 to nearly 1200.
—Rental Rates continue to Spike as the sales market has been cooling quickly due to increased supply and potential homebuyers dropping out of the purchasing market due to increased prices.
Rental Rates
-Rental Rates are up 20% to 30% over 2019
–See Video for Examples.
– Major Shortage and High Demand
–4 Bedroom 3000sqft homes have the highest need right now
-Average Days on market for rentals 8 days. Move in within 21 days.
-Average Credit Score for each renter increasing
-RPM GOLD has rented 32 homes in last 60 days.
Eviction and Foreclosure moratorium is ending 7/31.
We only have 3 renters out of 400 homes utilizing the moratorium. Help for renters is available. We do not foresee a spike in evictions.
For More information on the eviction moratorium see our video here: