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Investor Insight for the Baltimore Multifamily Apartment Market

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Apartment Loans BaltimoreHot real estate markets that are along the East Coast provide rewarding opportunities for apartment owners. Knowing where to look for great investment deals is half of the battle for a motivated investor. Direct Apartment Lenders shares some insight about the Baltimore multifamily apartment market.

Living in Baltimore

Baltimore offers plenty of excitement for visitors and for residents. The Baltimore Inner Harbor and the National Aquarium are popular destinations in downtown Baltimore.

The city has many parks, museums, art galleries, theaters and places to dine.

Sports fans can cheer for the MLB Baltimore Orioles and for the NFL Baltimore Ravens.

Washington D.C. is about 40 miles from Baltimore, and the Chesapeake Bay is less than 45 miles from downtown Baltimore. 

Residents and visitors enjoy eating Maryland crabs and other types of seafood from the Chesapeake Bay. 

Folks who love the water may be seen swimming, boating or fishing in the Chesapeake Bay. The area is also ideal for having a picnic, camping or for bathing in the sun.  

Baltimore is a town that has many diverse, historic and cultural neighborhoods.

Educational opportunities are outstanding via institutions, such as Johns Hopkins University, Loyola University and the University of Maryland.

There are a lot of activities for children, working adults and for senior citizens.

Apartment Rental Rates in Baltimore, Maryland

The average rental rate as of May 2021 was $1,335 per month for apartments in Baltimore, according to RentCafe. This represents a rent increase of two percent above the previous year.

The average apartment size in Baltimore is just over 800 square feet. 

Affordable apartments may be found in Baltimore for less than $1,000 per month, while apartments in more expensive parts of town are priced above $1,500 per month. 

Statistical Data for Baltimore, MD

Baltimore had a population of 593,490 residents as of July 1, 2019, according to the U.S. Census Bureau. This represents a 4.4 percent decrease from the estimated population size of 620,770 on July 1, 2010.

Median household income in Baltimore was $50,379 in 2019.

According to the U.S. Bureau of Labor Statistics, the unemployment rate for the Baltimore area stood at 5.4 percent as of June 8, 2021.

Multifamily Property Data for the Baltimore Apartment Market

Baltimore is ranked among the top areas in the United States for gross income growth in 2021. The estimated gross income growth in Baltimore is 0.90 percent for 2021.

The vacancy rate for multifamily properties in Baltimore is estimated at 4.6 percent for 2021.

Cap rates for multifamily properties in Baltimore are estimated to average 4.7 percent. 

Outlook for the Baltimore Apartment Market

The outlook for the Baltimore multifamily apartment market remains upbeat. 

As the city recovers from the Covid-19 pandemic, the local economy is expected to improve. 

With a favorable geographic location, Baltimore benefits from professional, business and academic activity that transpires within the Tri-State areas of Maryland, Delaware and Pennsylvania.

Stated Income Apartment Loans for Multifamily Properties in Baltimore

When an investor finds an apartment complex that is for sale in Baltimore, financing for a multifamily property may be used toward funding the purchase.

Working with a niche-based apartment lending firm could help an investor obtain a mortgage loan without submitting income tax returns, pay stubs or bank statements.

As a nationwide lender for multifamily properties, Direct Apartment Lenders offers stated income apartment loans for income-producing real estate.  

Banks and commercial mortgage lenders generally request income documents from the borrower, however, we only require rent rolls and details about the performance of the apartment building.

Our stated income apartment loans may be used to purchase a multifamily property or to refinance an apartment building.

Applying for an Apartment Loan in the Baltimore Multifamily Market

Unless an investor makes a cash offer for an apartment building, a commercial mortgage loan can facilitate the difference between the purchase price and the borrower’s down payment.

We use a seamless process to validate information that the borrower supplies, while our steps for due diligence are taken to examine the property.

Borrowers can review some basic details about our loan programs that are shown throughout our website.

By visiting the “Get a Quote” page or the “Contact Us” page, an investor can begin the application process right here on our website.

Compiling several documents, such as a purchase agreement, rent rolls for the apartment building and recurring debts for the subject property are useful steps toward securing a faster loan approval.

We employ experienced apartment lending professionals who will be delighted to answer any questions or concerns that investors and self-employed borrowers have about our stated income apartment loans.

Contact Direct Apartment Lenders today for more information about financing for multifamily properties in Baltimore or in other areas of the United States.

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