Rent Prices in Maryland are Higher than the National Average
OCEAN CITY, Md. – Rent prices in Maryland are exceptionally higher than the national average and it is causing pressure for tenants on the Eastern Shore looking for affordable housing. Chris Hill, President Elect of Maryland Realtors, says that even with low interest rates where they are, its created an affordability issue for renters.
“Rental market has been a misnomer really since COVID, we have had some real changes in the rental market since then,” Hill says. “We are in a housing crisis right now we have very little inventory available in the state of Maryland.”
Ocean City is one place in Maryland that is struggling to find housing for students with seasonal employment. Amy Thompson, Ocean City Chamber of Commerce Executive Director, has been told that it is cheaper for students to find housing in Santa Monica, California, than it is in Ocean City, Maryland.
Thompson is concerned that if housing is not found for seasonal workers, that it may impact the local business community.
“It did not occur to use in some easy way; it has become unaffordable for students to have housing here,” Thompson said. “I’m hoping we see a bit more of a market correction this summer otherwise it is going to be a really challenging summer for our businesses who want to be open want to provide services to this influx of tourists that come in that simply may not have enough staff.”
Thompson says it is not a simple fix, talk of creating dorms as been brought up as a potential solution for J-1 housing. Another option is property owners, who have not rented out certain units, are making it available for J1 students who are seasonal workers employed by them.
The main factor for rent increases in the last few years is a shortage of housing. Salisbury Realtor Charles Campbell says landlords are fighting to catch up with the market which is causing a rise in prices.
“My company personally has listings in one bedroom apartments in Salisbury that are north of a 1,000 dollars, north of 1100 dollars a month,” Campbell says. “We have no trouble, they get put on the market within a week and we have 3 or 4 applicants that at least 1 of them qualifies and moves in.
Campbell says the rental market is very competitive and it is putting tension on tenants. He says rent values have increased substantially, double digits year over year in the last 3 or 4 years. Its putting a squeeze on people looking for low income rentals.
It’s hard for tenants especially in affordable housing of lower income levels, absolutely.
Jack Fiechtner
47 ABC WMDT
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