Spotlight on Ellicott City, MD
Ellicott City was founded in 1772 by three enterprising brothers of the Ellicott family originally from Bucks County, Pennsylvania. They built a large flour mill and revolutionized the area by convincing farmers to plant wheat in the former tobacco fields around which the town grew and expanded. It is now Maryland’s seventh most populous city with over 65,000 residents and is considered the seat of Howard County. Built on seven hills spread over 30 square miles, Ellicott City offers a beautifully designed 18th century historic downtown area with antique stores, coffee shops, unique restaurants, and historic sites.
Ellicott City has recently gained national recognition as one of the country’s best areas, ranking Number 6 on CNN Money’s 2014 “Best Places to Live.” Contributing factors to the ranking are the education system, proximity to nearby employment centers, and access to lifestyle amenities. Ellicott City boasts some of the state’s best public schools featuring a 93% graduation rate, which is 12% above the national average. Household median income is approximately $118,985, more than double the national average and 60% higher than the state average. Nearby employers such as the National Security Agency, Fort Meade Army Base, Lorien Health Systems, and Howard County General Hospital help sustain high employment, with a 3.3% unemployment rate compared to the Maryland average of 5.1% and a national average of 5.5%. All of these factors have contributed to the community’s desirability, as demonstrated by the populations 24.95% growth since 2000.
Ellicott City is at the heart of the Baltimore-Washington corridor and offers residents many convenient options for commuting to and from major destinations throughout the area. Baltimore and Washington, D.C. are only a 30 and 60 minute drive away, respectively.
Six Howard Transit Bus routes connect Ellicott City to nearby locations such as the Dorsey MARC Train Station, Columbia, and the Baltimore- Washington International Thurgood Marshall Airport (BWI). In addition, the Maryland Transit Administration (MTA) offers routes between Baltimore and Washington, D.C. The MTA also operates a commuter bus service that connects Ellicott City directly to the Washington, D.C. Metrorail System. For drivers, the region is served by a number of major roadways, including US-40, US-100, I-95, I-70, I-695, and MD-29.
The featured properties in this month’s rent comparables survey represent six properties in Ellicott City built between 1967 and 2004. The occupancy rate for these properties is 95% to 98%, while rental rates range from $1,273 to $2,134 with unit sizes ranging from 787 square feet to 1,444 square feet. Community amenities typically include a fitness center, swimming pool, clubhouse, and playground. Units generally feature walk-in closets, a dishwasher, microwave, and a full size washer and dryer. Residents generally pay an application fee of $25 and post security deposits from $250 to $500. Residents are customarily responsible for paying electricity, gas, and water; while the property pays for trash removal.