101 Apartments with pool for rent in Essex, MD
November 2019 Essex Rent Report
Welcome to the November 2019 Essex Rent Report. Essex rents declined over the past month. In this report, we'll evaluate trends in the Essex rental market, including comparisons to cities throughout the metro, state, and nation.
November 2019 Essex Rent Report
Welcome to the November 2019 Essex Rent Report. Essex rents declined over the past month. In this report, we'll evaluate trends in the Essex rental market, including comparisons to cities throughout the metro, state, and nation.
Essex rents decline sharply over the past month
Essex rents have declined 0.8% over the past month, but have increased slightly by 1.4% in comparison to the same time last year. Currently, median rents in Essex stand at $892 for a one-bedroom apartment and $1,118 for a two-bedroom. Essex's year-over-year rent growth lags the state average of 1.6%, but is in line with the national average of 1.4%.
Rents rising across the Baltimore Metro
Throughout the past year, rent increases have been occurring not just in the city of Essex, but across the entire metro. Of the largest 10 cities that we have data for in the Baltimore metro, all of them have seen prices rise. Here's a look at how rents compare across some of the largest cities in the metro.
- Severn has seen the fastest rent growth in the metro, with a year-over-year increase of 3.3%. The median two-bedroom there costs $1,679, while one-bedrooms go for $1,339.
- Essex has the least expensive rents in the Baltimore metro, with a two-bedroom median of $1,118; rents decreased 0.8% over the past month but were up 1.4% over the past year.
- Columbia has the most expensive rents of the largest cities in the Baltimore metro, with a two-bedroom median of $1,975; rents went down 0.4% over the past month but rose 2.7% over the past year.
Essex rents more affordable than many large cities nationwide
As rents have increased slightly in Essex, a few large cities nationwide have also seen rents grow modestly. Essex is still more affordable than most large cities across the country.
- Essex's median two-bedroom rent of $1,118 is below the national average of $1,191. Nationwide, rents have grown by 1.4% over the past year, which matches the increase in Essex.
- While Essex's rents rose slightly over the past year, many cities nationwide also saw increases, including Austin (+3.2%), Nashville (+2.9%), and Boston (+2.3%).
- Renters will find more reasonable prices in Essex than most large cities. For example, Boston has a median 2BR rent of $2,145, which is nearly twice the price in Essex.
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.
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.