August 2017 Elkridge Rent Report
Welcome to the August 2017 Elkridge Rent Report. In this report, we'll evaluate trends in the Elkridge rental market, including comparisons to similar cities nationwide.
Elkridge rents increase sharply over the past month
Elkridge rents have increased 0.8% over the past month, and are up marginally by 1.0% in comparison to the same time last year. Currently, median rents in Elkridge stand at $1,460 for a one-bedroom apartment and $1,830 for a two-bedroom. This is the fifth straight month that the city has seen rent increases after a decline in February. Elkridge's year-over-year rent growth lags the state average of 1.8%, as well as the national average of 2.9%.
Many large cities nationwide show more affordable rents compared to Elkridge
Rent growth in Elkridge has been relatively stable over the past year - some other large cities have seen more substantial increases, while in a few cases, rents have actually declined. Compared to most large cities across the country, Elkridge is less affordable for renters.
- Elkridge's median two-bedroom rent of $1,830 is above the national average of $1,160. Nationwide, rents have grown by 2.9% over the past year.
- While rents in Elkridge remained moderately stable this year, similar cities saw increases, including Chicago (+4.6%), Columbus (+4.1%), Boston (+2.7%); note that median 2BR rents in these cities go for $1,290, $950, and $2,090 respectively.
- Renters will generally find more expensive prices in Elkridge than most large cities. Comparably, Detroit has a median 2BR rent of $880, where Elkridge is more than twice that price.
For more information check out our
national report.
You can also access our full data for cities and counties across the U.S. at
this link.
| City |
Median 1BR price |
Median 2BR price |
M/M price change |
Y/Y price change |
| Baltimore |
$960 |
$1,210 |
0.5% |
2.5% |
| Columbia |
$1,530 |
$1,920 |
0.1% |
1.7% |
| Glen Burnie |
$1,170 |
$1,460 |
0.1% |
0.3% |
| Towson |
$1,220 |
$1,530 |
1.0% |
-2.0% |
| Annapolis |
$1,440 |
$1,810 |
0.2% |
-1.6% |
| Odenton |
$1,780 |
$2,230 |
0.5% |
3.0% |
| Owings Mills |
$1,200 |
$1,510 |
1.1% |
3.8% |
| Reisterstown |
$1,130 |
$1,420 |
0.1% |
1.5% |
| Elkridge |
$1,460 |
$1,830 |
0.8% |
1.0% |
Methodology - Recent Updates:
Data from private listing sites, including our own, tends to skew toward luxury apartments, which introduces sample bias when estimates are calculated directly from these listings. To address these limitations, we’ve recently made major updates to our methodology, which we believe have greatly improved the accuracy and reliability of our estimates.
Read more about our new methodology below, or see a more detailed post here.
Methodology:
Apartment List is committed to making our rent estimates the best and most accurate available. To do this, we start with reliable median rent statistics from the Census Bureau, then extrapolate them forward to the current month using a growth rate calculated from our listing data. In doing so, we use a same-unit analysis similar to Case-Shiller’s approach, comparing only units that are available across both time periods to provide an accurate picture of rent growth in cities across the country.
Our approach corrects for the sample bias inherent in other private sources, producing results that are much closer to statistics published by the Census Bureau and HUD. Our methodology also allows us to construct a picture of rent growth over an extended period of time, with estimates that are updated each month.
Read more about our methodology here.
About Rent Reports:
Apartment List publishes monthly reports on rental trends for hundreds of cities across the U.S. We intend these reports to be a source of reliable information that help renters and policymakers make sound decisions, and we invest significant time and effort in gathering and analyzing rent data. Our work is covered regularly by journalists across the country.
We are continuously working to improve our methodology and data, with the goal of providing renters with the information that they need to make the best decisions.
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