Looking for an affordable, vacation-friendly place to stay in Baltimore? Here are tips for finding a short-term rental in Baltimore. You’ll get local insight into the city, as well as tips on how to keep your apartment in top shape.
Renting a Short-Term Rental in Baltimore
Considering renting a Baltimore short term rentals? There are a number of reasons to do so.
Baltimore is a city that attracts millions of visitors each year, and 90,000 people relocated here last year. Short-term lease apartments are a great way to get settled in and experience the city without paying the high prices of hotels and sublets. With many furnished rentals in Baltimore, you will have all the amenities and style of home that you desire.
However, there are some legal hurdles to overcome before renting a short-term vacation apartment in Baltimore.
First, you must be registered as an eligible host with the city’s Department of Housing & Community Development. You will also need to pay a hotel tax, which is approximately nine percent of the rental price.
Second, you should check the location’s cleanliness and if it’s pet-friendly.
Investing in a Short-Term Rental in Baltimore
Investing in a short-term apartment in Baltimore is a good idea if you’re looking to make money in a reliable real estate market.
As Baltimore is the largest city in Maryland, the rental market is stable and reliable. However, investing in Baltimore real estate requires that you make intelligent decisions and research communities to determine the rental needs of the community.
In addition, you may want to focus on certain neighborhoods, such as Charles Village, which has high rental demand.
One important metric for determining the profitability of vacation rentals is the capitalization rate (cap) rate. This metric is calculated by dividing the net operating income from the rental property by the market value.
While this isn’t the only measure of investment success, it does help investors determine the most profitable locations. The higher the CAP rate, the better.
Of course, a high CAP rate also means a higher level of risk. However, the “good” level depends on the type of investment and the balance between high risk and low investment.
Keeping a Short-Term Rental in Tip-Top Shape
As the owner of a short-term rental property in Baltimore, you have to adhere to city laws, including fire and building codes. As an owner, it is also important to track and record the rental properties, and you should have an active license to collect sales tax.
In addition, you need to make sure that the property is well-maintained. Below are a few simple ways to keep a short-term rental property in good condition.
The Baltimore real estate market is thriving despite the pandemic. Despite the looming threat of pandemics, the unemployment rate is gradually decreasing. This decrease in unemployment has led to an increase in demand for housing and the number of days on the market has decreased.
As the tourism industry recovers, Baltimore is expected to see a surge of visitors.