All homes and bedroom counts
RENTAL MARKET INTELLIGENCE
Baltimore, MD
Baltimore merits investigation by income-focused buyers who can tolerate weak labor and migration signals; buyers requiring positive job and migration readings should avoid it.
Median price$408k
Median rent$1,936
Gross yield5.7%
Job growth▼ 1.2%
Composite Market ScoreRank #313 of 571 scored US market areas
Direct rental answer
How much is rent in Baltimore, MD?
Zillow's metro-wide Observed Rent Index is $1,936 per month for 2026-06-30. That is up 2.43% from a year earlier.
Studio, 1BR and 2BR listings
Occupied rental units paying rent
Two-bedroom standard
These figures are not averaged together. Zillow and Realtor describe asking-rent markets, ACS measures rent paid by surveyed households, and HUD publishes administrative bedroom standards.
Exact county schedules
HUD rent benchmarks inside Baltimore
Every row keeps its own county FIPS schedule. No county is selected as a metro proxy and no synthetic metro FMR is calculated.
| County | Studio | 1 BR | 2 BR | 3 BR | 4 BR |
|---|---|---|---|---|---|
| Baltimore County, MDFIPS 24005 | $1,362 | $1,511 | $1,857 | $2,358 | $2,611 |
| Anne Arundel County, MDFIPS 24003 | $1,362 | $1,511 | $1,857 | $2,358 | $2,611 |
| Baltimore city, MDFIPS 24510 | $1,362 | $1,511 | $1,857 | $2,358 | $2,611 |
| Howard County, MDFIPS 24027 | $1,362 | $1,511 | $1,857 | $2,358 | $2,611 |
| Harford County, MDFIPS 24025 | $1,362 | $1,511 | $1,857 | $2,358 | $2,611 |
| Carroll County, MDFIPS 24013 | $1,362 | $1,511 | $1,857 | $2,358 | $2,611 |
| Queen Anne's County, MDFIPS 24035 | $1,362 | $1,511 | $1,857 | $2,358 | $2,611 |
The read
Why this market scores where it does
Baltimore merits investigation by income-focused buyers who can tolerate weak labor and migration signals; buyers requiring positive job and migration readings should avoid it. Median asking rent is $1,936, gross yield is 5.7%, and rent rose 2.43% while home values rose 0.73%, giving rents the stronger recent signal.
A $407,614 median home value equals 4.1 times median household income, while rent consumes 23.35% of median income. The reported ratios indicate a lower income hurdle for tenants than buyers, but net return cannot be determined because operating costs are not published.
The opportunity signal is restrained new construction alongside limited resale availability: permits are 1.94 per thousand residents and months of supply is 2.6. The risk signal is jobs falling 1.17%, net migration of -5,075 households, and inland flood exposure. Property-level flood and insurance costs require review; neither is published.
Frequently Asked Investor Questions
What do the headline price and rent imply for income?
Median asking rent is $1,936 per month on a $407,614 median home value, with a published gross yield of 5.7%; net yield is not published.
What evidence is there of negotiating room?
The price-drop share is 30.85%, median days on market is 28, and months of supply is 2.6; the actual discount from list price is not published.
Where does the largest reported household inflow originate?
Prince George's County contributes 5,897 households, followed by Montgomery County with 4,204; renter status is not published.
Investor Quick Takeaways
Gross Yield: 5.7%
Computed from the current Zillow rent and home-value medians.
Rent Momentum: ▲ 2.43%
Zillow ZORI rent growth trend over trailing 12 months.
Investor Activity: 9.5%
Originated investment purchase share (CFPB HMDA).
Climate Exposure: FEMA NRI
Annualized loss ratio evaluated for flood & hurricane risk.
Put the evidence to work
Test the market, then test the deal
Keep Baltimore as the starting point or move into a more specific property and rent check.
Run cash flowStarts with this market's measured price and rentSave to shortlistCompare this metro with up to four other placesCheck rent by ZIPMove from metro context to a local rent benchmarkFind a comparison marketRead a curated two-market decision analysisShare this analysisEmail the canonical link without adding page scriptsReport a data issueSend the figure, source and release period to review
Market pulse
The current market in eight signals
Fast-moving Redfin conditions sit beside the slower fundamentals so a buyer can separate today's negotiating climate from the long-run investment case.
Months of supply2.6 mo.▲ from 2.2 mo. a year ago
Median days on market28 days▲ from 25 days a year ago
Listings with price drops30.9%▲ from 30.8% a year ago
Sale-to-list ratio100.1%2026-05-01
Home value growth▲ 0.7%Zillow ZHVI · trailing 12 months
Rent growth▲ 2.43%Zillow ZORI · trailing 12 months
Gross rental yield5.7%Rent × 12 ÷ price
Payroll job growth▼ 1.2%CES · 12m to 2026-06
Release-to-release evidence
What actually changed
This comparison exists because at least one underlying source period advanced. Rebuilding the same data never creates a new observation.
Published score held steady47→47
0 ptsThe published component scores did not move in this release.
Weights were unchanged at metro-2026-07-v2-omb2023, so the movement comes from refreshed evidence and percentile ranks.
The named source periods advanced, but the measured values on this page held steady.
The one chart
Rents versus prices, indexed to 2019
Both series start at 100. The gap between the lines is the investment case, and which line is closing it tells you what kind of market this is.
Reindexed Price vs. Rent Growth
2019 = 100 · annual · 2019–2026
Since 2019, prices are up 36% and rents 34%. Prices running ahead of rents is what compresses yield. ✓ recomputed from series
Composite breakdown
What each component measures
Weights are published, not hidden, and the arithmetic is shown. Five components, each measured as a national percentile across all tracked metros.
Published arithmeticComponent × weight = points
47| Signal | Score | Weight | Points |
|---|---|---|---|
| Job growth | 11 | 30% | 3.30 |
| Rent trend | 35 | 25% | 8.75 |
| Affordability | 58 | 15% | 8.70 |
| Supply pressure | 77 | 15% | 11.55 |
| Climate risk | 99 | 15% | 14.85 |
| Published score | 47 | ||
Baltimore, MD scoreRank #313
47Job growth11/100
CES employment fell 1.17% year over year -> the labor signal is negative despite rising rent.
Rent trend35/100
Asking rent rose 2.43% and gross yield is 5.7% -> rental income is growing, but net return is unavailable.
Affordability58/100
Rent is 23.35% of median income while price is 4.1 times income -> tenants face a lower reported income hurdle than buyers.
Supply pressure77/100
Months of supply is 2.6 and permits are 1.94 per thousand residents -> resale availability and the construction pipeline are both restrained.
Climate risk99/100
The annual climate loss ratio is 0.062%, with inland flood dominant -> metro-level loss data do not replace property-level flood and insurance review.
The numbers
What this market costs and what it earns
Every derived ratio below recomputes from the same source record used by the article and score.
ZHVI Median Price
$408k
YoY ▲ 0.7%
ZORI Median Rent
$1,936
YoY ▲ 2.43%
Gross Rental Yield
5.7%
Rent × 12 ÷ price
$1,936 × 12 ÷ $407,614
Job Growth (YoY)
▼ 1.2%
CES payrolls
Job signal 11/100
Median Household Income
$99k
Census ACS 5-year
Rent Burden
23.4%
Annual rent ÷ household income
Price-to-Income
4.1x
Median value ÷ household income
HUD 2BR Fair Market Rent
$1,857
Market rent 104.2% of FMR
Historical affordability context
Compare aligned 2019 and 2024 asking-rent and nominal household-income endpoints across the direct-overlap metro set.
Independent rent evidence
One market, several legitimate rent benchmarks
These releases observe different homes and different moments. RentMarker keeps them separate: ZORI remains the scoring baseline, while the other sources test how sensitive the market story is to bedroom mix and measurement method.
Monthly benchmark5 of 5 reported values
Zero-based scale$1,936Primary RentMarker baseline
2026-06-30
All homes and bedroom counts
A smoothed metro rent index for observed rentals; it is the primary rent used by RentMarker scores and career ratios.
View source release ↗$1,822−$114 vs ZORI
2026-05
Studio, 1BR and 2BR listings
The median advertised rent in Realtor.com's 50-largest-metro rental report; source NAs remain unavailable.
View source release ↗$1,511−$425 vs ZORI
FY2026 FMR
One-bedroom standard
An administrative gross-rent benchmark used by HUD programs; it is neither a listing median nor a prediction of one lease.
View source release ↗$1,857−$79 vs ZORI
FY2026 FMR
Two-bedroom standard
An administrative gross-rent benchmark used by HUD programs; it is neither a listing median nor a prediction of one lease.
View source release ↗$1,611−$325 vs ZORI
ACS 2024 5-year
Occupied rental units paying rent
A five-year survey estimate of contract rent plus applicable tenant-paid utilities; it is not a current asking-rent index.
View source release ↗Take the next step
Keep Baltimore as context, then replace market-wide evidence with the candidate property's facts.
Direct local rental evidence
Recent leases and rental-market liquidity in Baltimore, MD
These Apartment List observations match the exact metro CBSA code 12580. They are kept separate from Zillow asking rent, Census occupied-home rent and property-level comparables.
Direct recent-lease rent history
Monthly overall-rent index; missing observations are not filled from another geography.
Recent-lease rent$1,7932026-07 · +0.8% year over year
Rental vacancy5.3%2026-07 · -0.4 percentage points year over year
Time on market24 days2026-07 · +0.6 days year over year
Measured rent retention
How much of gross yield survives the first two measured deductions?
This bridge subtracts direct rental vacancy and effective property tax only. It is not net yield, NOI, cap rate or property cash flow.
measured retention property tax vacancy
- Gross yield
- 5.7%
- Vacancy
- 5.3%
- Effective tax
- 1.1%
- Retained yield
- 4.3%
Regional price level
What feels expensive inside Baltimore
BEA compares each category with the United States, which equals 100. This is a 2024 price-level comparison—not annual inflation.
BEA Regional Price Parities · 2024US = 100
Occupation wage lens
How asking rent sits against major local occupations
Annualized Zillow asking rent is divided by each BLS annual median wage. This is a screening ratio for one wage, not a household budget or affordability verdict.
Six largest published major groupsannual rent ÷ median wage
Office and Administrative Support Occupations$49,590 median wage
46.8%
Management Occupations$128,630 median wage
18.1%
Transportation and Material Moving Occupations$44,720 median wage
51.9%
Business and Financial Operations Occupations$92,370 median wage
25.2%
Sales and Related Occupations$36,870 median wage
63.0%
Food Preparation and Serving Related Occupations$35,670 median wage
65.1%
Supply pipeline
What is being built, and for whom
Permits are the 12-to-24 month early warning. The total matters less than the mix: apartments compete with a rental the day they open.
National supply context
Compare this authorization pipeline with asking-rent growth, jobs and for-sale liquidity across the evidence-complete metro set.
Building permits by structure type
units per year · latest year annualised
5,476 units authorised in 2026, 43% of them in 5+ unit buildings. A meaningful share is apartments, which discount first when they lease up. ✓ recomputed from series
Who is arriving, and who is buying
Demand, and the competition for it
Tax filings say how many households moved and what they earn; mortgage disclosures say how many local purchases went to someone who will not live there. Moves between counties inside this metro are netted out of both flow figures.
Net Household Move
−5,075
47,069 in vs 52,144 out (IRS SOI)
▼ 10.8% of arriving households
Mover Income Gap
−$11,868
Arriving $77,067 vs leaving $88,935
Average AGI per tax return (IRS SOI)
Investor Purchase Share
9.5%
2,866 of 30,221 originated purchase loans
CFPB HMDA 2024
Dominant Hazard
inland flooding
0.062% building value annual loss ratio
FEMA NRI · risk type: water
Compare yield and FEMA exposure →Households arrive mainly from: Prince George's County · Montgomery County · District of Columbia · Frederick County · York County
✓ 47,069 in − 52,144 out = -5,075 netDirect market links
Where tax-return households moved from and to
These are the largest flows where both counties map to a RentMarker market area. They are a documented subset of the all-US IRS totals above.
Leading inbound markets
- Washington, DC14,713 arriving
- New York, NY2,668 arriving
- Philadelphia, PA2,058 arriving
Leading outbound markets
- Washington, DC12,103 leaving
- Philadelphia, PA2,145 leaving
- New York, NY1,860 leaving
Directional moving briefs
Relocation routes involving Baltimore
Each route begins with a direct IRS tax-return household flow and then tests what changes in housing, income, jobs, regional prices and climate evidence.
The other side
What would make this a bad buy
Generated from the same figures with the instruction to argue against the score, and published unedited. A page that only agrees with itself is an advertisement.
Three ways the case breaks
- CES employment fell 1.17% year over year, leaving the current labor signal negative.
- Tax filings show net migration of -5,075 households, while outgoing movers averaged $88,935 in income versus $77,067 for incoming movers.
- Inland flood is the dominant hazard and the annual climate loss ratio is 0.062%; property-specific damage exposure and insurance cost are not published.
Inside this metro area
Move from the market-area average to local evidence
Use the available county and city pages to add local price, rent, housing, migration and hazard context to the market-area view.
County records
County · MDBaltimore County$368k home · 5.6% yieldCounty · MDAnne Arundel County$514k home · 5.5% yieldCounty · MDBaltimore city$189k home · 11.4% yieldCounty · MDHoward County$644k home · 4.5% yieldCounty · MDHarford County$425k home · 5.3% yieldCounty · MDCarroll County$500k home · 4.4% yieldCounty · MDQueen Anne's County$530k home · 5.5% yield
Statistical peers
Market areas that behave like Baltimore
Nearest neighbours on price level, income, yield and job growth — not on geography. Every market page gets a different peer set, which is the point.
| Market area | Score | Price | Rent | Yield | Job Growth |
|---|---|---|---|---|---|
| Baltimore, MD (Target) | 47 | $408k | $1,936 | 5.7% | ▼ 1.2% |
| Minneapolis, MN | 62 | $396k | $1,727 | 5.2% | ▲ 0.2% |
| Worcester, MA | 50 | $487k | $2,170 | 5.3% | ▼ 0.0% |
| Virginia Beach, VA | 58 | $377k | $1,878 | 6.0% | ▼ 0.4% |
| Atlanta, GA | 46 | $383k | $1,854 | 5.8% | ▲ 0.2% |
Provenance
Where every figure came from
“Checked nightly” means every source is re-pulled and re-verified each night. It does not mean every source moves nightly — the release column tells you how fresh each number can possibly be.
| Dataset Source | Method | Release Period | Pulled Date |
|---|---|---|---|
| Census ACS 5-year — household income and gross rent | direct | ACS 2024 5-year | 2026-08-05 |
| Census ACS 5-year — historical household income | direct | ACS 2019 and 2024 5-year | 2026-08-05 |
| Census ACS 5-year — population | direct | ACS 2024 5-year | 2026-07-26 |
| Apartment List Rent Estimates — recent-lease rent index | direct | Apartment List 2026-07 | 2026-08-08 |
| Apartment List Time on Market — listing liquidity | direct | Apartment List 2026-07 | 2026-08-08 |
| Apartment List Vacancy Index — rental vacancy | direct | Apartment List 2026-07 | 2026-08-08 |
| BEA County Personal Income — income and population | direct | 2024 County Personal Income (released 2026-02-05); history 1969-2024 | 2026-08-03 |
| BEA Regional Price Parities — metropolitan price levels | direct | 2024 Regional Price Parities (released 2026-02-19); history 2008-2024 | 2026-08-03 |
| BLS CES — payroll employment | direct | CES SM current | 2026-07-26 |
| BLS LAUS — resident employment | direct | LAUS current | 2026-07-26 |
| BLS OEWS — occupation employment and wages | direct | May 2025 OEWS estimates (released 2026-05-15) | 2026-08-03 |
| BLS QCEW — county employment and wages | direct | annual county employment and wages 2021-2025; latest 2025 vs 2024 | 2026-08-02 |
| OMB/BLS delineation — metro geography | direct | OMB July 2023 delineation | 2026-07-30 |
| Census Building Permits Survey — permitted units | direct | BPS through 2026 | 2026-07-26 |
| Census ACS 5-year — city population, households and housing | direct | ACS 2024 5-year | 2026-07-29 |
| Census ACS 5-year — county housing value, tenure and stock | direct | ACS 2024 5-year | 2026-07-30 |
| Census ACS 5-year — cities and communities | direct | ACS 2024 5-year | 2026-07-30 |
| Census ACS five-year — ZCTA housing and income | direct | ACS 2024 5-year ZCTA | 2026-08-08 |
| FEMA National Risk Index — hazard loss ratios | modelled | NRI counties (FEMA ArcGIS) | 2026-07-26 |
| FHFA House Price Index — annual county appreciation | direct | annual county HPI history 1975-2025; latest 2025 | 2026-08-02 |
| HMDA / CFPB — purchases by occupancy type | direct | HMDA 2024 purchase originations | 2026-07-26 |
| HUD CHAS — renter burden by HAMFI income band | direct | HUD CHAS 2018-2022 ACS 5-year (released 2025-12-23) | 2026-08-03 |
| HUD Fair Market Rents — Section 8 standard | direct | FY2026 FMR | 2026-07-26 |
| HUD USPS crosswalk and Small Area FMRs — ZIP rent fallback | direct | ZIP-CBSA 2025Q4 + SAFMR FY2026 | 2026-07-26 |
| HUD-USPS ZIP-to-county residential-address crosswalk | direct | HUD-USPS 2026Q1 | 2026-08-09 |
| IRS SOI — county migration and mover income | direct | SOI migration 2022-2023 | 2026-07-26 |
| Freddie Mac PMMS — mortgage rates | direct | week of 2026-07-30 | 2026-08-06 |
| Census ACS 5-year — effective property tax | direct | ACS 2024 5-year | 2026-08-06 |
| Realtor.com Economic Research — county listing inventory | direct | county inventory 2026-06 | 2026-07-28 |
| Realtor.com Rental Report — top-50 asking rents | direct | top-50 rental asking rents 2026-05 | 2026-08-05 |
| Redfin Data Center — inventory, days on market, and price cuts | direct | metro tracker through 2026-05-01 | 2026-07-26 |
| Redfin Data Center — ZIP resale activity and supply | direct | ZIP rolling 3 months through 2026-06-30; updated 2026-07-03 | 2026-08-12 |
| USDA ERS — Rural-Urban Continuum Codes | direct | USDA ERS 2023 Rural-Urban Continuum Codes | 2026-08-02 |
| Zillow ZHVI and ZORI — county values and rents | direct | county ZHVI/ZORI 2026-06 | 2026-07-26 |
| Zillow ZHVI — metro home values | direct | Metro_zhvi_uc_sfrcondo_tier_0.33_0.67_sm_sa_month.csv | 2026-07-26 |
| Zillow ZHVI — city home values | direct | zillow_zhvi_city.csv | 2026-07-29 |
| Zillow ZORI — metro market rents | direct | Metro_zori_uc_sfrcondomfr_sm_sa_month.csv | 2026-07-26 |
| Zillow ZORI — city market rents | direct | zillow_zori_city.csv | 2026-07-29 |
| Zillow ZORI - metro market rents, not seasonally adjusted | direct | Metro_zori_uc_sfrcondomfr_sm_month.csv | 2026-08-15 |
| Zillow ZORI — ZIP market rents | direct | ZORI ZIP 2026-06 | 2026-08-08 |