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Rental & Fair Market Overview – Western & North-Central Maryland (June 2025)

Rental & Fair Market Overview – Western & North-Central Maryland
June 2025 | Investor-Focused Analysis
Counties Covered: Allegany, Washington, Frederick, Carroll

Fair Market Rent (FMR) – 2025 Estimates

Based on HUD data, MLS trends, and local insights:

Unit Size

Low-End FMR

High-End FMR

Typical Counties

Studio

$875

$1,050

Allegany, Washington

1BR

$1,000

$1,275

Washington, Carroll

2BR

$1,250

$1,495

Frederick, Carroll

3BR

$1,525

$1,800

Frederick, Washington

4BR

$1,700

$2,050

Frederick, Carroll
  • Frederick County has the highest rental demand and fastest appreciation.
  • Allegany County provides low entry costs with stable, modest rents.

Occupancy & Rental Demand

County

Occupancy Rate

Demand Profile

Notes

Allegany

~93%

Low-cost, rural, and college housing

Frostburg State drives demand in small pockets

Washington

~95%

Commuters, hospital employees

Hagerstown is drawing new investor attention

Frederick

~98%

High-growth area, strong job market

Competitive market, limited inventory

Carroll

~96%

Suburban with minimal new development

Low vacancy and consistent rental demand

Rent Growth (YOY Estimates)

County

Growth Rate

Notes

Allegany

2–3%

Better suited for stable, long-term cash flow

Washington

4–6%

Growing with workforce expansion

Frederick

7–9%

Strongest performer in both LTR and STR segments

Carroll

5–6%

Suburban growth with tight inventory

Strategy Snapshot: Long-Term Rentals (LTR) vs. Short-Term Rentals (STR)

County

Best LTR Areas

STR Potential

Allegany

Cumberland, Frostburg

Cabins or homes near Rocky Gap State Park

Washington

Hagerstown, Williamsport

Event-driven and weekend traveler demand

Frederick

Downtown, Urbana, Brunswick

High ROI for STRs near wineries and venues

Carroll

Westminster, Mt. Airy

Limited STR opportunity; check local ordinances

Investment Takeaways

  • Frederick County stands out for both STR and LTR returns with strong economic growth.
  • Allegany County provides entry-level pricing with 8.5–9.5% cap rate potential for duplexes.
  • Washington County is rising in demand with an expanding workforce and affordable pricing.
  • Carroll County offers low turnover and stable cash flow, though with less appreciation upside.

Estimated Cap Rates (Mid-2025)

Asset Type

Estimated Cap Rate

Frederick City Multifamily

6.0% – 6.8%

Hagerstown SFR

7.0% – 8.0%

Allegany Duplex

8.5% – 9.5%

Carroll County SFR

6.0% – 7.0%

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