Homes For Rent in Anne Arundel County and Annapolis Maryland
The rental market has been very active recently. Rental rates have been rising steadily for the last few months. Townhomes that rented last years for $1,700 are renting this year at $1,900. Condominiums that rented for around $1,300 are renting for $1,500. I've even seen a few two bedroom two bath condos reach $1,700 per month.
The root cause of the hot rental market is the relative unavailability of credit where prospective buyers cannot obtain mortgages. There are also people and their families that have been displaced from their homes by foreclosure and short-sales adding to the steady pressure on quality rentals in today's real estate market. Three years ago if you "were breathing and could sign your name" obtaining a mortgage to buy a home was easy. Today, you need more than just a pulse, you need a pristine credit history and documented income! Lack of credit, displaced families, increasing foreclosures and short-sales will continue to fuel a lively rental market for months and maybe years to come.
This morning (September 4, 2010) there were 257 active rental listings in the multiple listing system ("MLS"). The average asking price was $2,032 with a median asking price of $1,800. In August 2010 the average asking price for those properties that were rented was $1,808 and the average "rented" price was $2,041 with a median rental price of $1,700.
Click here for the list of 257 homes for rent in Anne Arundel County Maryland
Of the 257 active rental listings in Anne Arundel County, 59 of those listings were in Annapolis. The average asking price was $2,327 with a median asking price of $2,100. In August 2010 the average asking price for those properties that were rented was $1,859 and the average "rented" price was $1,834 with a median rental price of $1,700.
Click here for the list of 59 homes for rent in Annapolis Maryland
Helpful Hits for Tenants With Pets
If you are looking for a rental and have a pet (cat, dog, etc.) expect that you'll have to look long and hard before you'll find just the right home. Pet owners looking to lease a home who prepare a hand-written note and include a cute photo of their pet often find less resistance by owners who will consider pets on a case-by-case basis (so make the case why they should take your pet and you!!!). These notes don't have to be anything special, other than written from the heart. For many of us - myself included - our pets are family members. Many landlords agonize over the destruction that pets might cause to their home, but, that's what pets deposits and security deposits are for. Tenants can expect to pay anywhere from $100 to $250 in pet deposits, but, some landlords might be looking for more. In any event, the total amount of security deposit held by a landlord cannot be more than two months rent in Anne Arundel County.
Helpful Hits for Tenants With Credit Issues
If you are looking for a rental and have had a credit issue in the past such as late payments, bankruptcies, short-sales or foreclosures, it's best to explain those issues up front at the time you make application to lease a property. Landlords hate surprises. And they especially don't like to find out after after running your credit that it has one or more negative entries. Just like banks, landlords will scrutinize your credit report looking for any reason to reject you. So, be proactive with a hand-written note addressed to the landlord explaining exactly what happened, why it happened, and what you're doing about it. Remember landlord are people too. And, while some will appreciate your situation, writing it down and presenting your case in a "Dear Landlord" letter, could open the door to your next home.
Working with Real Estate Agents
If you're search for a home and you want to work with a real estate agent to find your next rental, then an agent will be able to show you homes for rent that are in the MLS. If they are not in the MLS, you'll probably have to work directly with the landlord since real estate agents are paid by the landlord out of the first months rent. It's expensive for landlord to have agents to lease the property for them. But, agents do the work that sometimes landlord cannot (because they don't have the time to do it themselves, or perhaps they are out of state, and for many other reasons). Prospective tenants shouldn't have to pay agents any fees since they are paid out of the first months rent. If you're working directly with the listing agent, know that they a) cannot represent you since the represent the interests of the landlord and b) stand to benefit monetarily by collecting the whole leasing fee from the landlord rather than sharing to with another agent. Many real estate agents won't handle rentals since they only make a few hundred dollars for their efforts. These agents are short sighted, since many renters often become buyers later on. So working with renters who cannot buy right now but might next year is building future business.
Searching for Your Next Rental
Start your search for your next home by following the link below. You can search almost anywhere. So, get started today by clicking on the link below.
Homes For Rent in Annapolis, Maryland 21401
If you are interested in renting or buying a home in Annapolis, Maryland or the surrounding area and want to tour any property currently on the market, or if you have a home to rent or sell in Annapolis, Maryland and want a professional consultation on current market conditions, please contact me at 410-923-3217 or e-mail me at showell@cbmove.com or visit my website at LiveInAnnapolis.com.
Know your nautical etiquette?
Then click the correct flag to connect with me socially!
(Hint: L-to-R ... Alpha=Activerain, Tango=Twitter, Foxtrot=Facebook, Lima=LinkedIn, Romeo=RSS)
Stephen Howell came to Annapolis to sail the Bay in 1994. What he discovered was a whole new lifestyle. Ever since Stephen Howell has been successfully helping others make the most of Annapolis. You'll find that with the right professional by your side, you can Live the Lifestyle and Live in Annapolis.
Stephen Howell and Rocky (his lab-mix from the SPCA of Anne Arundel County in Annapolis) now live in Winter's Chase at Riva Trace in Annapolis, Maryland. He works in the Annapolis real estate market. His website lets people search the Washington and Baltimore metropolitan area MLS. Buyers can also search for waterfront homes along the Chesapeake Bay. His website has current real estate data on Annapolis, Anne Arundel County, and Maryland.
Homes for Sale
Foreclosures for Sale
Featured Homes for Sale
Community Information
