Rental market in Havre de grace, MD?

Question

Really appreciate if anyone familiar with the area or has rental properties in HDG can share your thoughts. Is it possible to get a rent of ~$2700 for a nice brand new 4BR townhome in HDG?

Is there demand for rentals in that area? Zillow has limited data.

Thank you!

Kyle Deutschmann · Answer

I don't personally have properties there, but I've liked Havre De Grace when I've visited. Great location near the water, some good restaurants, etc. However, my concern (or what I would want to know if I were to invest there myself).. is the population increasing or decreasing? What employers are providing jobs in the area?

For rental comps, (in addition to Zillow), I would look at Facebook marketplace, apartments.com, craigslist, etc. to see what others are charging/paying in the area. The one downside is this is a harder time of year to find comps, since fewer homes and apartments get listed for rent in the winter time (most families, students, etc. tend to move in the summer).

I would recommend posting this question in the Maryland Investors Network on Facebook and trying to find an 'investor friendly' realtor who knows this area well to help pull some comps and give further advice. Here's a link to the group: https://www.facebook.com/groups/358674524275464

I also agree with @Andrew Postell that you should come out to some local investor events. I'm actually co-hosting a meetup in Laurel, MD on Dec 14 - last time we had about 30 people show up including realtors, wholesalers, lenders (conventional and hard money), title agents, flippers, house hackers, etc.

Joe Norman · Answer

I did a quick search in Bright MLS and there were 12 homes in HdG that rented out for $2700 or more in the past year (this doesn't include anything not in the MLS). So the short answer to your question is that yes, it's very possible. The devil will be in the details though, and in particular the location (which side of Rt 40 the home is in will be a driving factor). Feel free to post, or PM me, the address of the house you're looking at and I'm happy to give you more detailed advice.

Andrew Postell · Answer

@Amar Amar there is a demand for rentals everywhere...the trick is can you make money with them?  I would encourage you to get plugged in with some investors that are local to the market for this specific of a question. Ttry some local real estate meetup groups.  Meetup.com is a good resource for those but some of the groups will also post here on Bigger Pockets Marketplace too.  Even facebook might have some good local groups for you.  But post locally for this.  That’s the best bet.

Amar Amar · Answer

Thank you all for your inputs. Great points!

Rental market in Havre de grace, MD?

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