153 Apartments under $1,200 for rent in Owings Mills, MD
January 2020 Owings Mills Rent Report
Welcome to the January 2020 Owings Mills Rent Report. Owings Mills rents declined over the past month. In this report, we'll evaluate trends in the Owings Mills rental market, including comparisons to cities throughout the metro, state, and nation.
January 2020 Owings Mills Rent Report
Welcome to the January 2020 Owings Mills Rent Report. Owings Mills rents declined over the past month. In this report, we'll evaluate trends in the Owings Mills rental market, including comparisons to cities throughout the metro, state, and nation.
Owings Mills rents decline sharply over the past month
Owings Mills rents have declined 0.6% over the past month, but have increased slightly by 1.7% in comparison to the same time last year. Currently, median rents in Owings Mills stand at $1,249 for a one-bedroom apartment and $1,566 for a two-bedroom. This is the third straight month that the city has seen rent decreases after an increase in September. Owings Mills' year-over-year rent growth leads the state average of 1.2%, as well as 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 Owings Mills, but across the entire metro. Of the largest 10 cities that we have data for in the Baltimore metro, 9 of them have seen prices rise. Here's a look at how rents compare across some of the largest cities in the metro.
- Essex has seen rents fall by 0.4% over the past month, the biggest drop in the metro. It also has the least expensive rents in the Baltimore metro, with a two-bedroom median of $1,106.
- Glen Burnie has seen the fastest rent growth in the metro, with a year-over-year increase of 3.2%. The median two-bedroom there costs $1,529, while one-bedrooms go for $1,219.
- Columbia has the most expensive rents of the largest cities in the Baltimore metro, with a two-bedroom median of $1,960; rents went down 0.3% over the past month but rose 1.8% over the past year.
Many large cities nationwide show more affordable rents compared to Owings Mills
As rents have increased slightly in Owings Mills, a few large cities nationwide have also seen rents grow modestly. Compared to most large cities across the country, Owings Mills is less affordable for renters.
- Owings Mills' median two-bedroom rent of $1,566 is above the national average of $1,192. Nationwide, rents have grown by 1.4% over the past year compared to the 1.7% increase in Owings Mills.
- While Owings Mills' rents rose slightly over the past year, many cities nationwide also saw increases, including Austin (+3.1%), Nashville (+3.0%), and Columbus (+1.8%).
- Renters will generally find more expensive prices in Owings Mills than most large cities. For example, Detroit has a median 2BR rent of $898, where Owings Mills is more than one-and-a-half times 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.
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.