Marylanders Still Facing Rent Affordability Issues

Rental prices statewide appear to be stabilizing, but Marylanders of all incomes continue to struggle to afford high rents. After a rental growth spurt post-pandemic, rental prices at professionally managed apartment complexes have declined by less than 1%, and Whitney Obrycki with Harvard’s Center for Housing Studies says Maryland residents still have challenges with historically high rents…

“So we are certainly seeing a bit of a slowdown in demand, seeing rents coming down, especially in markets where there was a lot of new construction. At the same time we’re going into these conditions with really, really challenging affordability circumstances. We’re now at a record high number of rental households who are experiencing cost burden.”