Spotlight on Owings Mills, MD
Owings Mills was conceived as part of the 1979 Baltimore County Master Plan. The city was named after Samuel Owings, who constructed three mills along the Gwynns Falls after arriving with a group of settlers in the mid-18th century. Just minutes northwest of Baltimore City, Owings Mills was listed in CNNMoney’s “100 Best Places to Live and Launch.” As The largest employment hub in the region, Owings Mills is connected to the Greater Baltimore-Washington Area via the Baltimore Beltway (I-695). The town also serves as the northern terminus of the Baltimore Metro Subway, linking residents to both the Baltimore Metro System and Light Rail.
Massive redevelopment is planned for the former Owings Mill Mall. After permanently closing the interior of the mall in September 2015, owner Kimco Realty has confirmed plans to redevelop the mall into approximately one million square feet of multi-layered retail and restaurant use with more than 4,000 parking spaces modeled similarly to Hunt Valley Town Centre. A pedestrian walkway is planned to connect the “grand piazza” to the AMC Theater. The project will also connect to David S. Brown Enterprises’ Metro Center project with a roundabout.
Major employers in Owings Mills include Black & Decker, Lockheed Martin, Procter & Gamble, and the United States Social Security Administration. CareFirst BlueCross BlueShield recently re-leased its current Owings Mills offices, retaining its foothold of six buildings and 655,000 square feet until
2028. The city is also home to numerous highly-acclaimed firms including T. Rowe Price, Legg Mason, and Toyota Financial Services. Additionally, the corporate headquarters of Baltimore Life Companies and ADP are in the community. Perhaps the most well-known business in the area is the Baltimore Ravens. Their headquarters, located at 1 Winning Drive, subsumes indoor and outdoor fields as well as meeting rooms, weight-training facilities, a cafeteria, and library.
This month’s rent survey features six multifamily properties constructed between 1999 and 2006 in Owings Mills. Average occupancy rates for these communities range from 94% to 98%. Average rental rates per square foot range from $0.99 to $1.56 with average unit sizes varying from 986 to 1,916 square feet. Each of these communities contains a swimming pool and in-unit washer and dryers. Other amenities include fireplaces, a fitness center, business center, patio/balcony, ceiling fans, and dishwashers. Units possess a diverse array of finishes and features from high ceilings to granite countertops. Residents pay application fees of between $25 and $35 and security deposits spanning from $250 up to one month’s rent. Pets are permitted in all properties and pet rents range from $20 to $25 in addition to an average deposit from $300 to $500. Five of the six properties in this month’s market report mandate that residents are responsible for all utilities including water and trash.