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:
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.
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.
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.
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.
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.
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.