Spotlight on Mount Vernon, Maryland
The Baltimore City neighborhood of Mount Vernon is located just one mile north of Baltimore’s Central Business District, featuring 26 million square feet of office space and home to many of the city’s major employers. Baltimore’s economy benefits from the presence of pivotal high-growth job sectors such as government, health, education, and engineering. Consequently, the city is not overly reliant on any one business sector and is able to withstand sector-specific downturns. The Baltimore Metro Area is home to 1.3 million workers and five Fortune 1000 companies: Constellation Energy, Grace Chemicals (Columbia), Legg Mason, T. Rowe Price, and McCormick & Company (Hunt Valley). Other employment hubs, including Towson, Columbia, Fort Meade, and Washington, D.C., are easily accessible.
The Mount Vernon neighborhood has established itself as the cultural heart of Baltimore hosting a wealth of historic, entertainment, and artistic attractions. Nationally renowned art museums, theaters, opera halls, colleges, libraries, historical museums, concert halls, symphony orchestras, and religious shrines reside in the Mount Vernon Cultural District, with newer establishments adding to the enclave’s vibrant mix of attractions. The fusion of eclectic stores, bars, cafés, nightclubs, shops, Downtown proximity, colleges, universities, and easy access to mass transit allows Mount Vernon to distinguish itself as one of Baltimore’s most attractive neighborhoods.
The Mount Vernon submarket of Baltimore offers many housing options, several of which include renovated 19th century historic row homes subdivided into multifamily housing. Residents enjoy well-preserved architectural details and features such as hardwood floors, high ceilings, large rooms, unique floor plans, and other amenities including fireplaces, private gardens, and terraces. Row home housing in Mount Vernon is especially attractive to students of the nearby colleges and universities, while owners report quick re-leasing on turnovers and the ability to consistently raise rents.
The featured properties in this month’s rent survey represent six communities in Mount Vernon built before 1990. Average occupancy rates for these communities range from 95% to 100%. Average rental rates per square foot range from $1.23 to $2.38, with average unit sizes ranging from 500 to 915 square feet. Community amenities include swimming pools, rooftop lounges, fitness centers, business centers, and laundry facilities. Units have a wide range of finishes and can include wall-to-wall carpeting, high ceilings, dishwashers, and large windows. Residents pay application fees from $25 to $40 and post security deposits from $200 up to one month’s rent. Pets are allowed in all properties with pet rents ranging from $20 to $25 and average pet deposits of $200 to $250 or one-time fees between $200 and $300. Utility structures vary across the study, with some properties paying all utilities while other properties pass all costs besides water to residents.