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Laurel, MD Rental Market Overview
Good Locations, High Vacancy Rates
Ideally situated between Baltimore and Washington D.C., Laurel combines commuter convenience with suburban amenities. Ongoing renovations could reduce the overall vacancy rate and attract new multi-unit development in the area. Recent data show the local vacancy rate is just below 8%, which creates a renter's market, but like other regions throughout the United States certain portions of the city enjoy a higher occupancy rate depending on proximity to attractions. In the case of Laurel, the new Towne Centre at Laurel and the Patuxent River draw consistent interest from potential tenants.
Beyond the new Towne Centre, Laurel offers other significant opportunities for regional property investors and small landlords, especially as the local economy improves. According to 2014 data from the U.S. Department of Labor, Laurel's unemployment rate is 5.7%, the same as the average for the state of Maryland. Recently the city implemented a series of Main Street development programs to encourage the relocation of businesses to the vacant storefronts in the Main Street area to invigorate revitalization. While most of the program focuses on commercial buildings, the project involves side streets and offers potential possibilities for small multi-unit projects in proximity to the ongoing development. To better assess the upside and downside potential along Main Street and other spaces, consider consulting a Laurel property management company for advice and local insights. Many property management companies employ real estate professionals who also help rental property owners with planning, transactions and strategies essential for growing your business. Review our profiles of Laurel property management companies and request your free information today.