Keen Investing: A Look at Apartments in Rockville, Maryland

  • Author: Devin Henry
  • Last Updated: June 22, 2023
Table of Contents

Your future could involve purchasing one of the apartments in Rockville, Maryland, currently on the market. This investment can put you on the right track toward setting yourself up for retirement or building a nest egg for later in adulthood. Rockville is a small city near Washington, D.C., that is popular with people who work in the metro area while providing a quiet lifestyle away from the bustle.

It might be the right time to buy an investment property in Washington’s suburbs because of the current market and where it’s trending. This guide will examine why investing in Rockville real estate could be advantageous.

An Overview of Rockville

Rockville, Maryland, has a population of about 67,000 people, making it Montgomery County’s fifth-largest city. The community is part of the Interstate 270 Technology Corridor, along with neighboring Bethesda and Gaithersburg, creating a hub for young professionals working in the biotechnology and software industries.

Retail is another primary industry in Rockville, and the city acts as a shopping hub thanks to its numerous upscale shops and regional shopping centers. Rockville is growing along with the Baltimore-Washington metropolitan area, driving its housing market as residents look to escape the city.

Rockville Market Trends

Examining some market trends related to apartments in Rockville, Maryland, can help you decide where to purchase an investment property. Learning as much as possible about where things are trending can put you on the right track.

  • Prices Are Falling

    The median sale price of apartments and condos in Rockville sits at about $276,000, down 26.9% year-over-year. These homes only sit on the market for an average of 29 days, so you’ll have to act fast if you find one that meets your needs. One-bedroom and studio apartments in Rockville remain the least expensive for purchase.

  • Rents Are Up

    Rent prices are increasing in Rockville, despite apartment purchase prices falling. The median rent for a one-bedroom apartment in Rockville is over $1,900, up 10% from the previous year. Luxury apartments in Rockville are renting for less than their historical average, although the lack of availability could be influencing the numbers.

  • Deals Are Possible

    About 40% of homes in Rockville sold under their asking price in August 2022. An additional 25% sold at asking, and 35% went for more than their asking price. These numbers suggest finding a good deal on an apartment might be possible if you’re patient enough to wait for it.

Keeping an eye on these market trends is advisable if you’re serious about buying a rental property in Rockville. You can likely find a deal on an investment in the city if you’re willing to wait for the right situation to arise.

Six Reasons Why Rockville Apartments Are a Good Investment

There are plenty of options when buying a rental property in the Washington metropolitan area, so you likely want to know why Rockville should be your choice. The city has plenty going for it, making it a top choice for investors and those looking to relocate to the suburbs. The benefits of living or owning in Rockville include:

  1. Proximity to Washington, D.C.

    Rockville is only 16 miles from the heart of Washington, D.C., making it a commuter’s dream when living in the suburbs. Traffic can slow the commute, but the drive typically takes between 28 and 45 minutes. Having quick and easy access to the district’s amenities is another reason living in Rockville is so advantageous.

  2. Metro Access

    Residents of Rockville don’t have to drive to Washington for work because there’s a direct metro line into the district. The Rockville metro station sits in an easily accessible location on Stonestreet Avenue, and the train reaches the Farragut North station on Connecticut Avenue in about 40 minutes. This train streamlines the commute and eliminates the need for a vehicle and the hassles that accompany it.

  3. Interstate Access

    You can quickly drive to Washington or Baltimore from Rockville if you want to, though, thanks to the community’s interstate access. You can quickly reach I-270 just outside downtown Rockville, which will get you into the greater Washington area, while I-95 takes you to Baltimore in about 45 minutes.

  4. Industries in the City

    Not everything in Rockville revolves around its proximity to Washington. The city is a standalone destination with great tech industry jobs and a vibrant retail scene. Other significant employers include the local government, the public school system, the U.S. Nuclear Regulatory Commission, Westat, Lockheed Martin, and Montgomery College.

  5. Costs Less Than Derwood

    Rockville is only about a 10-minute drive from neighboring Derwood, but its real estate prices are far more affordable. The median list price for a condo or townhome in Rockville is just over $409,000, while similar properties in Derwood are listed at over $700,000. Derwood is a small town with significant income levels, but Rockville has access to the same amenities at a far lower price.

  6. Low Crime Rate

    The crime rate in Rockville is lower than the rest of Maryland and the national median. Violent crime is infrequent in Rockville; the community has a violent crime rate of 1.16 per 1,000 residents. Maryland’s violent crime rate is 3.92 per 1,000 residents, and the national mark is 4 per 1,000 people.

Rockville, Maryland, has a lot of benefits that make it a viable opportunity for investors. Those purchasing a rental property in the Washington, D.C., area should consider Rockville because of its location, pricing, and relative safety.

Buying an Investment Property in Rockville

You shouldn’t make any apartment or home purchase without doing significant research on the area and its benefits. Rockville’s proximity to Washington, D.C., and Baltimore makes it an attractive spot to live, and there should be no shortage of renters looking to live in your apartment after you buy it.

Nomadic Real Estate’s property management services can assist you after purchasing an apartment in Rockville. We can fill your available rentals with qualified tenants and take care of the property’s day-to-day needs while your investment appreciates. Contact Nomadic Real Estate for more information on your greater Washington, D.C., property management needs.

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Your portal includes a selection of extremely useful reports. Reports are available in the “Reports” section, and are distinct from the financial statements. Unlike financial statements which are static records, Reports are dynamic real-time records that will update with current data every time you view them. 

Scroll down to learn more about Reports:

Navigate to the "Reports" module in your portal:

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Enhanced Rent Roll Report:

Enhanced Rent Roll Report
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Unit Comparison Report
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Income Statement by Month Report
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Financial statements will be published to your portal on a monthly basis. The statements are found in your Documents library, and provide a historical record of all financial performance. The statements serve as a snapshot of financial performance over a given period, and are static documents (unlike Reports, the statements do not update/change in real-time). 

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The Documents area contains monthly financial statements:

Owner Portal Documents
  • The statements in the Documents are are static documents. They are posted to the portal once a month to serve as a historical record of financial performance. 

Download a statement to see month and YTD financials:

Owner Portal Property Statement

You'll also find a month-over-month operating statement:

Month over Month Statement

Portal Communication Tool

You can use your owner portal to communicate with our team. Any messages you send through the portal will go straight to your Account Manager. When we reply, you’ll get an email notification and you’ll also see the message in your portal next time you log in. 

Here’s an overview of using the communication platform:

Click "Communications" and navigate to "Conversations":

Commincation Dashboard Screenshot
  • The communications module will contain a record of all messages that you create through the portal. 

Click the "New Message" button and send your message:

Owner Portal New Message Screenshot

Responses will show up in the conversation ticket:

Portal Conversation Response Screenshot
  • You’ll get an email notification whenever you get a response, and you’ll also see the message in your portal next time you log in. 

You can reply in-line using the comment box:

Owner Portal Comment

Each conversation will be logged in its entirety:

Portal Conversation Snapshot

Understanding the Ledger

Your portal includes a ledger with all transactions. The ledger is populated with data in real-time as transactions flow through our accounting software. Much of this information is also available in the Reports area, as well as the Statements in your Documents library, but the ledger is the most comprehensive resource for diving into the details. 

Please scroll through the sections below to get a better understanding of how to interpret the ledger. 

By default, transactions are sorted chronologically:

Owner Ledger Dates
  • The date reflected in the lefthand column is the actual transaction date, not the “bill date”. This is the date the transaction was actually processed. 

If you have multiple properties with Nomadic, you'll see the address for each transaction in the "Location" column:

Ledger Property Column
  • You can filter the ledger to look at just one property, all properties, or specific sets of properties. 
  • If you only have one property with us, you’ll just see the ledger for that property. 

The Description column displays the transaction type:

Owner Ledger Description Column
  • BILL: this is an expense transaction, such as for repair costs or management fees.
  • CHARGE: this is a transaction  billed to the tenant, most typically a rent payment. 
  • NACHA EXPORT: this is a credit we processed to your distribution account. This type of transaction is how you get paid! 

The Amount column shows the dollar value of each transaction:

Owner Ledger Amount Column
  • Positive Amounts: if an amount is positive, it reflects a transaction that is payable to you. Typically, this will be a rent payment that we collected from your tenants. On occasion, a positive number could also signify a journal entry or credit adjustment. 
  • Negative Amounts:  if an amount is negative, this is a transaction that is either payable to Nomadic or is an amount that has already been paid to you. Typically this will be for repair costs or management/leasing fees. Owner draws (net distributions into your checking/savings account) also reflect as negative amounts, since they have already been paid to you. 

The Account Balance column shows a sum of positive/negative transactions at a given point in time:

Owner Ledger Account Balance Column
  • Account Balance should always equal zero after a net distribution has been processed. When the balance is zero, this means that all expenses have been paid and you’ve received the remainder as net operating income, leaving a balance of zero (meaning: no one is due any money, as all funds have been distributed appropriately). 

Navigating the Propertyware Owner Portal

Your portal includes some extremely useful features that help you understand your property’s financial performance at a new level, with real-time transparency into every transaction.

Scroll through the snapshots below for an overview of portal navigation! If you need more help or have specific questions about using the portal, you can reach out to your Account Manager any time for a screen share. 

You can filter all info by date range or property:

PW Portal Filters

View a snapshot of income and expenses on your dashboard:

PW Owner Dashboard View

See every transaction in real-time on your ledger:

Owner Portal Ledger View

Statements and forms will be posted to your documents library:

Owner Portal Document Library

View a suite of real-time financial reports:

Portal Reports View

See a running list of all bills, and drill down for more detail:

Owner Portal Bills View

Under Bill Details, you'll find dates/descriptions/amounts and more:

Portal Bill Details

You can also communicate with your Account Manager through the portal:

Owner Portal Communication Tools

How do net distributions work?

Net distributions keep your accounting clean and simple. Each month we’ll collect rent from the tenants, deduct any repair expenses for the previous month and any management/leasing fees for the current month, and credit the remaining net operating income to your account. 

Net Distribution

You’ll receive a statement via email each time a net distribution is processed, and can view all transaction details in your Propertyware owner portal.