If the Millennials are our future (don’t let them catch you calling them children), Baltimore City is the best-positioned market in the country to capture their rent checks, according to a RealtyTrac report released this morning.
Millennials (born between ’77 and ’92) make up 27.4% of Baltimore City’s residents (ironic t-shirt sales are also up 400%), an 11.3% increase from ’07 to ’13, but that’s not what makes Baltimore tops. RealtyTrac’s Daren Blomquist (snapped this morning) tells us the annual ROI (minus expenses) for rental properties is 21.3%, the best in the nation. RealtyTrac studied single-family to four-unit rentals, but the stats speak to the larger market. Daren says the lower price of Baltimore homes ($90k median) make them prime investment opportunities to be rented out. Anne Arundel County’s Millennial population grew more, by 13%, but homes there cost a much higher $280k.
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