The Market Update for Rentals in Frederick County

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As the housing market sits in some turmoil the rental market always seems to grow legs. With the unfortunate increase in foreclosures, families still have to live somewhere.

The average time a single family home has been on the market in Frederick County is 65 days with an average price of $1900. The average time for a non detached home (i.e. Town House, or Condo) has been a little short at 44 days and with an average price of $1420 a month. This information does not reflect homes that have been listed and rented through property management companies. During the sad time in the housing market the rental prices usually increase until you get to a saturation point. This is where the common renter says they have enough!!!

Below is a chart on what you could possibly purchase with the equivalent rental payment. This chart does not take in considerations for property taxes or insurance. Use it only as a gauge…see your lender for more personalized numbers. Times are good for buyer that has good credit, income and nothing to sell.

Rent vs Loan Amount

  5% 6% 7% 8% 9%
$1,000 $186,282 $166,792 $150,308 $136,283 $124,282
$1,100 $204,910 $183,471 $165,338 $149,912 $136,710
$1,200 $223,538 $200,150 $180,369 $163,540 $149,138
$1,300 $242,166 $216,829 $195,400 $177,169 $161,566
$1,400 $260,794 $233,508 $210,431 $190,797 $173,995
$1,500 $279,422 $250,187 $225,461 $204,425 $186,423
$1,600 $298,051 $266,867 $240,492 $218,054 $198,851
$1,700 $316,679 $283,546 $255,523 $231,682 $211,279
$1,800 $335,307 $300,225 $270,554 $245,310 $223,707
$1,900 $353,935 $316,904 $285,584 $258,939 $236,136
$2,000 $372,563 $333,583 $300,615 $272,567 $248,564

Across the top is the interest rates and down the left side is the payment. In the middle is the POTENTIAL loan amount. Normal house payments include Principal, Interest, Taxes and Insurance. (PITI) Calculations based on a 30 year fixed loan.

Information about the actual rentals were provided by Metropolitan Regional Information Systems.

If you would like assistance in finding a rental property please feel free to contact me.

April 12, 2008 · Filed Under Frederick MD Real Estate, Frederick Market Conditions

Comments

2 Responses to “The Market Update for Rentals in Frederick County”

  1. W. Gibson CPM on April 13th, 2008 2:38 pm

    In our area of Central VA, although foreclosures are at a minimum, new residents coming to UVa/UVa Medical School or various military assignments would normally buy if they were planning on being here 2 to 3 years….NOW, they are not buying - they are RENTING…they do not want to get stuck with a home in the area they can not sell when they are reassigned elsewhere AND they do not want to buy a higher priced home - $300,000 to $400,000 - when they may be reassigned to an area with lower priced homes or overseas.

    Also, our inventory of single family homes was greatly depleated at the high point of the HOT sales market so with the incoming increase of renting families, they are finding rents increasing more than normal as more renters compete for fewer desirable rental homes.

  2. gotbob on April 17th, 2008 9:33 am

    Thanks for stopping by… The school sounds like it is generating a consistent flow of new customers for you.

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