Baltimore City Rent by the Room

[Krista Kennedy]

Hi all,

Are there any investors doing rent by the room in Baltimore City? Would love to understand your management structure. Are there local PMs who will manage this type of set up or are these typically owner-managed? I’m a big believer in the co-living model, but of course there is a layer of complexity with housemate dynamics that requires thoughtful oversight. Would love to hear how others are handling this.

[Aaron Inman]

@Krista Kennedy Yes, ABle Capital is one of the biggest SRO property management in companies in Baltimore, the property has to have a good walk score and/or be located in a strong rental submarket. DM me and I can facilitate an introduction

[Sam Lewis]

Originally posted by @Krista Kennedy:

Hi all,

Are there any investors doing rent by the room in Baltimore City? Would love to understand your management structure. Are there local PMs who will manage this type of set up or are these typically owner-managed? I’m a big believer in the co-living model, but of course there is a layer of complexity with housemate dynamics that requires thoughtful oversight. Would love to hear how others are handling this.

Legally in Baltimore city you can rent to 4 unrelated individuals in one unit, not including the owner. So if you live there, you can rent it out to 4 unrelated people not including yourself. 

Anytime someone reaches out to me regarding a room-for-rent, I ask a simple question. "Tell me about yourself." Let them talk, they may mention something that makes them a great fit, or a bad fit. Since I live in my househack, I can legally filter out those who may not be the best fit. For instance, "hey, sorry we don't rent to couples, since we have a couple students quietly studying here." 

That being said - most PMs will not jump out of their seat to manage a househack. 2-4 unrelated people living together from different backgrounds = entropy, but is highly effective if tenant screening is done right from the beginning.

Hope this helps and best of luck to you

[Tim Jacob]

@Krista Kennedy Renting by the room in the city makes plenty of sense in the right neighborhood.  I own and manage room rentals for myself and others in Baltimore City.  The thing to know is about the parking situation and the quality of neighborhood. I would not go below B grade. You also should know about what national, state, and city codes are used to constitute a legal room which could come back on you in case of a catastrophe like a fire.  If you need help with these issues along with others like knowing the city, landlording, etc. I am a realtor and a pm.  BP is a great resource for a lot of information as well.