Report Finds $2,184 Median Baltimore Rent Above National Norm

Construction Coverage just released the 2024 edition of its report looking at the most expensive rental markets in the U.S., with data specific to the Baltimore-Columbia-Towson, MD metro.

Inflation data released last month revealed that, while the Consumer Price Index overall was up 2.4% year-over-year, the index for shelter had risen 4.9% over the same span. Increasing rent prices have been a major reason why: limited supply and high demand have driven the national rental vacancy rate—a key metric used to track the availability of rental housing—to its lowest levels since the late 1980s. With fewer units available, prices have risen dramatically, pushing the national median rent to $1,865.

However, the impact of rent increases has not been felt evenly across the U.S., as renters in some locations face much higher costs than in others. Researchers calculated a median monthly rent estimate across all rental types in nearly 400 metros and all 50 states, then ranked locations accordingly.

Key Takeaways, with Data for Baltimore-Columbia-Towson, MD

• The most expensive states for renters: 12 states now have median market rents exceeding $2,000 per month, an increase from nine states last year. Hawaii leads with a median rent of $2,909, followed by California at $2,803, Massachusetts at $2,461, and New York at $2,335.
• High-cost states are also home to many of the priciest metros: California metros dominate the list, claiming 11 of the 12 most expensive metros overall, including all five of the most expensive large metros—all nearing or exceeding median rents of $3,000.
• Midwest states prove more affordable: South Dakota boasts the lowest median rent in the country at $1,069, with North Dakota ($1,107), Iowa ($1,126), and Nebraska ($1,202) priced similarly.
• Rent prices in the Baltimore metro: Rental prices in the Baltimore metro range from a median of $1,534 for studios to $3,080 for 4-bedroom units. With a median rent of $2,184 across all rental sizes, the Baltimore metro is more expensive than the national median of $1,865.

Residential Rent Prices by Location

Top coastal states are about twice as expensive as the Midwest for renters

You can read the full study here, including all sources: https://constructioncoverage.com/research/cities-with-the-most-expensive-rents

(This work is licensed under CC BY-NC 4.0. Please link to the original report when covering these findings.)