Maryland can be a great state for real estate investing, with a range of benefits and opportunities for investors. Here are a few of the key benefits of investing in real estate in Maryland:
Strong Economy
Maryland is ranked as one of the top 10 wealthiest states in the United States. Howard County has a median income of over $120,000 a year, while it ranks as one of the top six wealthiest counties in the nation.
The state is home to many large employers, including the federal government, defense, tech and biotech companies. This leads to a strong economy and job market, which can help support demand for rental properties and drive property appreciation.
Favorable Laws for Landlords
Maryland's rental laws are helpful to landlords because they provide a framework that balances the rights and responsibilities of both tenants and landlords. For example, Maryland law requires tenants to pay rent on time and maintain the rental unit in a safe and sanitary condition. Failure to do so can result in eviction.
Furthermore, Maryland's rental laws allow landlords to charge late fees and terminate a lease for lease violations. These provisions give landlords the tools they need to enforce the terms of the lease and maintain a profitable rental property.
Overall, Maryland's rental laws provide a fair
and balanced approach to regulating the landlord-tenant relationship. By following these laws, landlords can protect their investment and ensure a positive experience for both themselves and their tenants.
Diverse Property Market
Maryland offers a diverse range of real estate options, from urban properties in Baltimore and Annapolis to more suburban and rural areas. This allows investors to find properties that match their investment goals and strategies.
Growing Population
Maryland's population has been growing steadily in recent years, particularly in the suburbs surrounding Washington, D.C.
Census data reported that over 520,000 people are employed in the government, while the owner-occupied housing rate sat at about 67.3%.
Population growth can help drive demand for rental properties and property appreciation, and it is helpful to know Maryland saw an increase from 5.7 million people in 2010 to 6.1 million people in 2020 - showing the state has the right features for continued growth.
Access to Resources
Maryland offers access to many resources that can help real estate investors, such as professional organizations, real estate investment groups, and local government resources, including:
Coldwell Banker Realty, Howard County sits in the central hub of the state, near route 95, and provides access to knowledgeable real estate agents and high quality, property management services like Portfolio Property Management.
Find our contact information below if you're looking to team with someone who understands the investment market well.
Climate
Maryland has a humid subtropical climate, which means it has warm summers with evenly distributed precipitation throughout the year. In fact, as some areas of the world dry out, long-term climate predictions have portions of the mid-Atlantic getting wetter. This is good for the water table.
The state experiences four distinct seasons, with hot and humid summers and cold winters. Average temperatures during the summer range from 75°F to 85°F (24°C to 29°C), while winter temperatures range from 25°F to 45°F (-4°C to 7°C). Precipitation is evenly distributed throughout the year, with the wettest months being May to August.
Maryland enjoys an average of around 205 sunny days per year, with the number of sunny days varying by region and time of year. The eastern regions have around 200 sunny days per year, while the western regions have around 220 sunny days per year.
May and June are the sunniest months, with an average of 8-9 hours of sunshine per day, while December is the least sunny month, with an average of 4 hours of sunshine per day. Sunshine is known to have several mental benefits, including:
increasing the production of serotonin, a hormone that regulates mood
alleviating symptoms of depression and anxiety
helping to regulate sleep patterns by promoting the production of melatonin, a hormone that helps regulate sleep-wake cycles
Improving cognitive function, memory, and alertness.
Being an important natural source of vitamin D and can have a positive impact on mental well-being
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Overall, investing in real estate in Maryland can offer many benefits for investors looking to grow their wealth and build passive income streams. However, it's important to conduct thorough research and work with a knowledgeable real estate agent or property manager to make informed investment decisions.
Disclaimer: The information presented in this article is for educational and informational purposes only. It is not intended to be a substitute for professional advice or a recommendation for any particular investment or investment strategy. Any investment involves risk, and past performance is not a guarantee of future results. The author and publisher of this article are not responsible for any investment decisions or actions taken based on the information presented in this article. It is recommended that readers consult with a licensed professional before making any investment decisions. The author and publisher do not assume any liability for any loss or damage caused by the reliance on or use of any information contained in this article.
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