hall we go, or shall we stay?” That’s a question many baby boomers, empty nesters, and those who find their house too big, may be asking themselves. And if the decision is to move, the next question is: What kind of place do you want and where? Do you want a smaller home on one level, one in an over-55 community with lots of activities, or are you thinking ahead and want a place that offers independent living with more care in the future, namely a Continuing Care Retirement Community (CCRC)?

Anyone who thinks that a CCRC is only for “old folks” hasn’t met the Minks. Susan Minks, 75, is a “Senior Poster Child” for Blakehurst, a CCRC located in Towson. “It’s like living in a five-star resort,” says Susan. “Everyone here is happy and helpful, and you could be busy every minute of the day if you want.”

Susan, a Baltimore native, and her husband Tom, 76, were living in a townhouse half the year and in Florida the other half when they decided to return to Baltimore full time. “At that point, we realized it was time to reassess where we were going to live,” Susan explains. “At first, I thought we were too young to go into a CCRC, but then we thought, if one of us gets sick we’d still be on the same campus or maybe in our condo and a CCRC would save our children a lot of trouble later on.”

When the Minks met with Elizabeth O’Connor, the director of marketing and sales at Blakehurst, O’Connor was unbelievably accommodating about everything they asked for and showed them how an apartment could be renovated. They then knew this was the right place. “And the location is perfect—it’s close to Tom’s children, our country club, doctors, and many of our friends,” says Susan. The Minks had the apartment renovated and moved in in January 2022.

“The staff is incredible. The food is excellent. We just had Smith Island cake that was unbelievable. I’m so happy I don’t have to cook. I made one dinner since we’ve been here and it was terrible,” laughs Susan. The vibe at Blakehurst is very positive. The couple participate in many activities. They attend lectures, use the pool, the gym, walk on the private walking path, and meet friends at the bar and for dinner. The residence offers trips, a putting green, transportation to doctors’ appointments, to the grocery store, and so much more. “Tom plays gin rummy two or three times a week and I’ve signed up for a garden plot. There isn’t a party I haven’t been involved in,” says Susan, who is on the party committee and just joined the hospitality committee. “I just love it.”

O’Connor says, “Just like the Minks, other boomers are arriving at Blakehurst earlier than previous generations. They are not waiting for a health scare to move in.

Is a Continuing Care Retirement Community Right for You?
A CCRC is a type of retirement community that is part independent living, part assisted living, and part skilled nursing home. Today, many communities offer memory care, too. And there’s usually rehabilitation therapy on site. All levels of care are on one campus. According to AARP, a CCRC offers a tiered approach to the aging process, accommodating residents’ changing needs. Upon entering, healthy adults can reside independently in single-family homes, apartments, or condominiums. When assistance with everyday activities becomes necessary, they can move into assisted living (sometimes all they might need is extra help in their apartment), memory care, or nursing care facilities. These communities give older adults the option to live in one location for the duration of their life, with much of their future care already figured out.

A Co-op CCRC
Bill and Paula Lecky had lived in their McLean, Virginia, home for 45 years when their children started constantly saying that they should think about moving. That was four years ago. Bill, now 89 and an accomplished architect who has left his mark in Washington, D.C., (he was the architect of record for the Vietnam Veterans Memorial and the architect of the Korean War Veterans Memorial) says, “I knew I was getting up there in age, and realized maybe we should move, even though Paula at the time was only 76.” With one daughter in Silver Spring and a son in Annapolis, they started their search in Silver Spring, but quickly decided they didn’t want to live there and turned their attention to the Annapolis area.

Bill remembers, “We drove past one community in Annapolis, but said, ‘Keep driving.’” Then they saw Baywoods of Annapolis and wanted to explore further. Besides Baywoods being a CCRC, it’s a resident-owned-and-run co-operative community, where residents provide vital input regarding the operations of the community and have a voice in how it’s run.

“There was one apartment that overlooked the water that interested us. But what really sealed the deal was the woodworking shop.” Bill, who loves making small replicas of animals similar to those made by the Hopi Tribe of the Southwest, was blown away by the shop’s size. “It was five times the size of mine.”

Given Bill’s more than 50 years of experience as an architect, it’s no surprise the couple put a lot of work into making changes to the apartment they bought. They knocked down walls and added lighting, but the most dramatic change was to the porch overlooking the water. “There was a series of windows and doors that we took down and instead put in an eight-foot-high, 14-foot-wide glass door.”

Besides woodworking, Bill makes jewelry and Paula paints. Not gym rats, the Leckys instead prefer taking walks along the water. In addition, Bill has given talks about his years creating the Vietnam Veterans and Korean War Veterans memorials. His architectural expertise has now led to a new gig, consulting with management about future residents’ plans for changes to their apartments. And, oh yes, this busy couple still has time to socialize with their friends at Baywoods.

Rental CCRC
Retia Scott Walker had been an educator for more than 40 years, first at Texas Woman’s University, next at the University of Maryland on the Eastern Shore, and then at the University of Kentucky. Later, her research emphasis was gerontology with a focus on older African Americans, rural elders, older women, and inter-generational issues. In addition, she studied aging in Sweden, Denmark, and the Netherlands.

“When I retired in 2005, my daughter kept asking me to move back to Maryland. For 17 years, I told her I would,” says Walker, who was living in a five-bedroom, three-story home in Kentucky.

“It wasn’t until the pandemic that I felt very lonely and isolated and knew I needed to move. It was funny, one time while visiting my daughter, we took a tour of the Atrium, a CCRC. I told my daughter then; it would be my next home.” In 2022 Walker, now 82, moved to the Atrium.

“While doing my research, I found out how important it is to be part of a community.

That’s what the Atrium provides. Every night I have dinner with the same group. During breakfast it’s open seating and I try to meet new people,” she says. And there are lots of activities at the Atrium. Walker goes to music performances, participates in exercise programs, and goes to lectures. As a matter of fact, she will soon be giving a lecture. Another advantage is that her daughter lives only five blocks away and gets to see Walker several times a week. “I’m very lucky,” she says.

Over 55 Community
Joann Myrland,72, is a semi-retired travel agent. Her husband Paul, 74, is retired. They knew they wanted to move, but the big question was where. “We have a four-bedroom home, and now only use the family room, kitchen, and bedroom, and of course bathrooms,” says Joann, “and I’ve had foot and knee surgery and am tired of the stairs.”

The couple knew they wanted a single-family home with everything on one level, and where there would be no yardwork, all within a 55-plus community. They also had some other requirements. “We have two children who live in Denver and both of us love to travel, so it was very important for an airport be an easy drive,” says Joann. “Other must haves were a clubhouse and activities so we could meet new friends. And if it was near the water, that would be a nice plus.”

They began their search in Delaware, but after realizing how long it would take to get to an airport, it was a no go. “We have made several trips to look at Four Seasons in Kent Island. It really checked off most of our boxes,” says Joann At the time of publication, they had not yet decided.

According to real estate agent Veronica Lawson, an associate broker at Real Broker, LLC, over-55 communities are ready made for people like the Myrlands, for whom physical and emotional wellbeing are key components addressed through clubhouse amenities such as fitness centers and resort-like pools, as well as social clubs that encourage interaction to the degree desired. Most communities also offer walking and bike trails, dog parks, and other outdoor social activities, as well as planned trips to local events such as plays and concerts.

This interaction between neighbors creates a strong sense of community that in turn creates a fun and safe environment. Fifty-five-plus communities are becoming more popular, as many retirees are still very active and looking for engaging communities once retired.

Whatever place someone chooses, O’Connor, the director from Blakehurst, says, “Retirement is a time to continue to engage and maybe even reinvent oneself.”

Your Guide to Regional CCRCs

Looking for the retirement living situation that is just right for you?
Here is our guide to some of the area’s continuing care retirement communities.

Asbury-Solomons Island
11100 Asbury Circle
Solomons, MD 20688
410-205-4501
asbury.org/asbury-solomons

Bayleigh Chase
501 Dutchman’s Lane
Easton, MD 21601
410-673-4405
actsretirement.org/communities/maryland/bayleigh-chase-easton/

BayWoods of Annapolis
7101 Bay Front Drive
Annapolis, MD 21403
410-268-9222
baywoodsofannapolis.com/

Blakehurst
1055 W. Joppa Road
Towson, MD 21204
410-296-2900
Blakehurstlcs.com

Broadmead
13801 York Road
Cockeysville, MD 21030
410-527-1900
broadmead.org

Carroll Lutheran Village
300 St. Luke Circle
Westminster, MD 21158
410-848-0090
clvillage.org

Charlestown Retirement Community
715 Maiden Choice Lane
Catonsville, MD 21228
410-705-7058
ericksonseniorliving.com/charlestown

Edenwald
800 Southerly Road
Towson, MD 21286
410-339-6000
edenwald.org

Fairhaven
7200 Third Avenue
Sykesville, MD 21784
443-300-4047
actsretirement.org/communities/maryland/fairhaven-sykesville/

Ginger Cove Annapolis Life Care
4000 River Crescent Drive
Annapolis, MD 21401
410-266-7300
gingercove.com

Glen Meadows Retirement Community
11630 Glen Arm Road
Glen Arm, MD 21057
410-319-5034
presbyterianseniorliving.org/glen-meadows-retirement-community

Goodwill Retirement Village
891 Dorsey Hotel Road
Grantsville, MD 21536
301-895-5194
goodwillhome.org

Heron Point of Chestertown
501 Campus Avenue
Chestertown, MD 21620
443-214-3556
actsretirement.org/communities/maryland/heron-point-of-chestertown

Lutheran Village at Miller’s Grant
9000 Fathers Legacy
Ellicott City, MD 21042
410-465-2005
millersgrant.org

Maryland Masonic Homes
300 International Circle
Cockeysville, MD 21030
410-316-9129
mdmasonichomes.com

Mercy Ridge
2525 Pot Spring Road
Timonium, MD 21093
410-561-0200
mercyridge.com

Mosaic
450 Willow Lakes Drive
Willow Street, PA 17584
888-893-1423
mosaiclancaster.com

North Oaks
725 Mount Wilson Lane
Pikesville, MD 21208
410-602-0318
northoaksseniorliving.com

Oak Crest Village
8800 Walther Boulevard
Parkville, MD 21234
410-469-8053
ericksonseniorliving.com/oak-crest

Roland Park Place
830 W. 40th Street
Baltimore, MD 21211
410-243-5700
rolandparkplace.org

The Residences at Vantage Point
5400 Vantage Point Road
Columbia, MD 21044
888-680-6324
vantagepointresidences.org

The Village at Augsburg
6811 Campfield Road
Baltimore, MD 21207
410-834-4143
thevillageataugsburg.org

Willow Valley Communities
450 Willow Lakes Drive
Willow Street, PA 17584
717-464-6800
WillowValleyCommunities.org

Are you thinking about your next move? Maybe you’re empty nesters and you hardly use half the rooms in your house. Maybe you want to move, but not too far from your kids and grandchildren. Or maybe you’re thinking ahead and want a place that offers independent living with more care in the future. Luckily our area offers plenty of choices.

Purchasing A CCRC
Former astronaut 75-year-old Mary Cleave had a very exciting career. She went into space twice on Atlantis, and worked at NASA-Goddard and NASA Headquarters in Washington, D.C. “When I went to work at Goddard, my cousin suggested I move to Annapolis,” she says. Cleave lived in her house for 30 years. “I would have kept living there, but one night my hearing aids were out when the low battery on the fire alarm kept beeping, and I never heard it. My sister happened to be visiting and said, ‘You can’t live alone anymore, it isn’t safe.’”

“Since I love the water, I knew I wanted to stay in Annapolis,” she continues. After visiting several communities and talking to people at each, Cleave decided on Bay-Woods of Annapolis, a Continuing Care Retirement Community (CCRC).

“In the morning I sit and watch the sunrise over the Bay Bridge. . .”

Cleave moved in 2017. What attracted her to BayWoods is that it is a resident-owned-and-run co-operative community where residents provide vital input on operations. (In Maryland there are only two co-op CCRCs.) Also a must for Cleave was that it was pet-friendly. “I think for people who live alone, a pet is very important,” says Cleave, who lives with her dog Brinx.

“In the morning I sit and watch the sunrise over the Bay Bridge,” says Cleave, who has a one-bedroom with a patio. “It’s a great way to start the day.” Although downsizing can be difficult, Cleave found getting rid of a lot of her stuff to be liberating. And when she has company, she reserves a guestroom at BayWoods.

Elizabeth O’Conner, director of marketing and sales at Blakehurst, says, “Today’s residents are very active.” A gym is a must-have, and many CCRCs have more than equipment and classes. They may offer trainers, indoor pools, hot tubs, steam rooms, walking trails, a putting green—even gardens where residents can grow flowers and vegetables.

BayWoods has plenty of activities and amenities, some unique to that community, such as swimming in the bay off their dock. Cleave says, “With the gym right here, I take classes three times a week and do tai chi once a week. And Brinx, my ‘trainer,’ makes sure we get out and walk,” laughs Cleave.

Is a CCRC Right For You?
A CCRC is a type of retirement community that is part independent living, part assisted living, and part skilled nursing home. Today, many communities offer memory care too, and on-site rehabilitation therapy. According to AARP, a CCRC offers a tiered approach to the aging process, accommodating residents’ changing needs. Upon entering, healthy adults can reside independently in single-family homes, apartments, or condominiums. When assistance with everyday activities becomes necessary, they can move into assisted living, memory care, or nursing care facilities. These communities give older adults the option to live in one location for the duration of their lives, with much of their future care already figured out.

“I came in needing a walker, graduated to a cane and, thanks to the in-house physical therapy, I now need nothing.”

When you choose a facility, it’s also important to know what type of contract it offers. These contracts can be very complex; treat this decision like you would any major investment, including seeking assistance from a lawyer or someone very knowledgeable. In addition, you should determine that the finances of the CCRC are healthy so that your present and future services are safeguarded.

Ray, 83, and Phoebe Sachs, 80, are no strangers to moving. “We’ve lived in New York, Chicago, Delaware, D.C., and moved about 10 or 12, times,” says Ray. While living in a Baltimore condo, with their three children living all over the country, the couple decided a CCRC would give them the future security they wanted. Their children agreed.

“We are very active and decided we’d make the move while we could participate in the activities and be part of the community,” says Ray. After checking out several CCRCs, they chose Blakehurst. “It had what we wanted—care if we need it, attractive surroundings, lots of activities including woodworking (where my wife is the only woman), walking trails, and we were able to make changes to the apartment.”

Making changes was very important to Phoebe, who was a builder and does interior design. “We made our second bedroom into a library and totally redid the kitchen,” she says. “We can cook, but they do such a remarkable job with the food and it’s so convenient, we don’t.”

“Our new appliances aren’t getting much of a workout,” admits Ray.

Typically, residents in independent living get at least one meal a day. In assisted living, memory care, and nursing, there are three meals provided. “At BayWoods the food is fabulous and healthy,” says Cleave. “I’m eating better than I ever did. And I don’t have to think about what I’m going to make for dinner, shop for it, and cook it.” Many CCRCs offer a variety of dining options beyond a dining room, including informal choices such as a café, bistro, deli, or pub. Some even have outdoor dining.

A Rental CCRC
Kathryn Lewis, age 72 and retired from working for the State of Maryland, was living with her son and his family. But after she had a knee replacement and ended up in rehab, she knew she could not return to her son’s house and its stairs. “The staff at the rehab facility suggested I consider moving to the Atrium Village in Owings Mills,” she says. Lewis moved there in 2021.

“I came in needing a walker, graduated to a cane and, thanks to the in-house physical therapy, I now need nothing. What was so great was that I didn’t need to leave Atrium Village and didn’t need family to take me to therapy,” says Lewis. As an ordained minister, Lewis loves volunteering at Atrium Village and doing activities: Bible study, choir, trivia, happy hour, movies, games, discussions, and exercise classes including Zumba and yoga.

At Atrium Village there are no entry or buy-in fees, or a commitment of retirement assets, as with most senior living communities. The cost of an apartment, dining options, all activities, fitness, housekeeping, and other services is included in a monthly lease.

Atrium Village has independent, assisted, and memory care. And it just underwent a $13 million renovation. Angela Spence, senior divisional director of sales and marketing for Senior Lifestyle, the company that manages Atrium Village, was involved in the renovation. According to Spence, the multimillion-dollar renovation is part of a 20-year anniversary transformation to create a next generation senior living experience.

“There are still some people who think of senior living communities as nursing homes. We need to overcome that stigma. Since COVID and with the renovation, our goal is to have programs that help residents get back into life and find a purpose. Living well is all about having a purpose,” says Spence.

Anyone visiting many of today’s CCRCs would never think of them as nursing homes. Many who live there say it’s like living on a cruise ship; it just doesn’t move.

Part of the renovation at Atrium Village included an array of new services and upscale amenities. In addition to two restaurant-style dining venues, there are two new bistros, a library, wellness center, salon, art studio, hospitality lounge, movie theater, and family center.

Happy hour is also big at many CCRCs. Spence says, “We added more happy hours after the residents requested them.”

Many of the CCRCs have continuing education. At BayWoods there are lectures given by neighboring St. John’s College scholars. Atrium Village partners with the Community College of Baltimore County to offer instructor-led classes.

CCRCs arrange trips, art classes and, yes, the list of activities and amenities goes on and on. But don’t worry, you can be as active as you want, or if you prefer a quieter experience, you can have that too. It’s all up to you.

An Over-55 Community
The Weidmans, Hope, 70, and Tim, 69, were no strangers to life at a 55-and-over community. They had lived in one in New Jersey for seven years and loved it. “When I retired after 38 years of teaching, we decided to move to a place that would be fun. A 55-and-over community fits the bill,” says Hope.

But trips to visit their son and his family in Virgina became too much. “So we started looking. We checked out Delaware, Virginia, and Maryland. When we visited Four Seasons on Kent Island it was everything we wanted.” There were single-family units and condos, walking trails, a pool, pickleball, and, best of all, there were other people their age for socializing. The Weidmans moved into a two-bedroom, two-and-half-bath home with a den and screened-in porch in 2021.

According to Veronica Lawson, an associate broker at Real Broker, LLC, these communities are ready-made for like-minded individuals for whom physical and emotional well-being are key.
Things like social activities and planned trips to local events create a strong sense of community that in turn create a fun and safe environment. Fifty-five-plus communities are becoming more and more popular as many healthy retirees look for active communities once retired.

And for some, buying before they retire is part of their long-range retirement plan. That was true for Gamini Dharmasena, 62, and his wife Desilva, 59, both scientists living in New Jersey. “We aren’t planning to retire for five years but thought prices would only keep going up. For my wife, who grew up in Sri Lanka, being by the water was a must. We checked out several places on the East Coast but were afraid of hurricanes in North Carolina,” says Gamini.

After filling out information online for Four Season on Kent Island, they got a call from a realtor. They visited and fell in love with the area and were attracted to a 55-plus active community with lots of activities and opportunities to be social.

The Dharmasenas purchased a single family, 3,500-square-foot home with the master bedroom on the first floor and a screened-in porch. It backs on trees and is a five-minute walk to the water. “Our 5,000-square-foot home on five acres is a lot to look after. When we retire, we’ll be ready to downsize,” says Gamini. Plus, they love to travel and won’t have to worry about the house. For now, the Dharmasenas plan to use it as a vacation home twice a month until it becomes their permanent home.

 

To learn more about retirement options check out these helpful websites:
• aging.maryland.gov
• continuingcarecommunities.org
• aarp.org/caregiving/basics
• seniorliving.org/continuing-careretirement-communities

The Inner Harbor skyline has a new addition: 414 Light Street, a grand apartment tower that boasts upscale views and amenities, as well as 12,300 square feet of retail space on the ground floor. The 44-story, $160-million high-rise, which opened in August and still has rent-only units available, is now Maryland’s tallest residential building and one of the city’s most expensive living options, with rent ranging from about $1,890 to $8,000 per month. Luxury amenities include dog-walking services, on-demand car wash and detailing, grocery delivery and pantry-stocking services, and smart-house customization. Check out the facts and figures on this record-breaking building.

If you’ve traveled to Harbor East within the last year, you may have noticed lots of ongoing construction—the new Harbor Point bridge, The Liberty apartments, Della Notte demolition—now add to the list the erection of a new luxury apartment building at 900 Fleet Street, which is set to be complete in 2019.

The current space is currently being used as an industrial switching station for Verizon. The new development of the space by Washington, D.C.-based developer Monument Realty calls for the partial demolition of the existing structure to build high-rise apartments. After much success with their recent building at 225 N. Calvert Street, Monument decided to set their sights on the popular “luxury district.”

“We look forward to delivering a new apartment building in Harbor East which is a spectacular submarket with some of the highest rents in the city,” said Colleen Kittell, spokeswoman for Monument Realty. “We love the neighborhood and think that more and more people will be interested in living downtown.”

This new property will be following a new trend that has hit Baltimore with the arrival of new residential buildings—Anthem House, 414 Light Street, Hanover Crossing, and The Liberty—with retail on the lower levels. The project is planned right next to 380-unit apartment tower going up on the former Della Notte restaurant site on Fleet and President streets.

The 377,000 sq. ft. building will feature 400 studio-, one-, and two-bedroom apartments and 300 parking spaces above 20,000 square feet of retail space on the street level. The area has morphed into a developer’s dream with expensive apartments, condos, shops, and restaurants.

“We have already received interest from potential tenants,” she said. Although she can’t reveal who they are just yet.

The $100-million building will feature a modern contemporary design with indoor and outdoor amenity spaces including a rooftop pool, fitness club, and pet amenities. Rental rates have not yet been determined but Kittell says they will be comparable to the rates of existing properties in Harbor East.

One concern that comes along with massive development is whether or not all of these new units will get filled—especially in a city like Baltimore whose population has remained stagnant for the past few years.

A unique model that’s been used by Monument Realty already is the pop-up hotel company, WhyHotel, which temporarily leases out vacant apartment units. There is no word yet on if this new apartment building will make a similar arrangement.

“We’re in the early stages of planning,” Kittell said. “We’re looking for next year for things to get underway. We’re really excited.”

When Tracy Nyce sold her 5,000-square-foot Lutherville home two
years ago, she moved into a 1,700-square-foot rental unit in The
Crescent, a high-end apartment complex in Fells Point, and never looked
back.

“My house was on the market for almost two years and, in order to
sell it, it ended up being a short sale,” she explains. “I said to
myself, ‘There’s no way I’m buying another property.’ I decided I would
rent because I didn’t want to have to go through that again.”

Nyce is not alone. Soured by the housing bubble, turned off by
tightened lending standards, or just not in the mood for the
responsibilities of owning, Baltimoreans are joining a nationwide trend
and becoming renters. And industry observers say that new category of
renters—renters by choice—is growing fast, despite low interest rates
that make home ownership relatively cheap.

David J. Doyle, president and co-founder of the luxury rental site, LuxeListHome.com,
says his consumer research shows that high-end renters like to be
catered to and value the luxury rental experience as a lifestyle choice.
They’re active, like to shop and eat out, and have a sense of immediacy
when it comes to consumer satisfaction.

“People who value renting are looking for a sense of style, luxury, and service, and they want it now,” he says.

For the most part, he’s talking about people who could perfectly well buy a house if they wanted to.

“Affordability is pretty good right now by historical standards, for
buying versus renting,” says Michael Lasota, an investment analyst in
the equity division of T. Rowe Price. “But the market for these
higher-rent places is often people who are getting married later in
life, and having kids later in life. They want the mobility and the
convenience of living in an apartment versus a house.” And they don’t
mind paying a premium for luxurious units with lots of amenities.

Nyce’s apartment at The Crescent, for instance, has large windows
facing the water, hardwood floors, stainless-steel appliances, and
granite countertops. She loves her spacious closets and the overall
upscale feel of the place. She can use the pool, gym, theater, and club
room. If she wants a dinner reservation or needs to call a car, the
concierge will take care of it for her. But mostly, she enjoys walking
away from her home without a care.

“When I had a single-family home, I had to worry if there was a
hurricane or a major storm what would need to be repaired,” she says.
“Here, I pick up the phone if I need a repair and it’s done the same
day, next day at the latest.” And when her lease is up, she can leave
without the hassle of selling.

So what about the math of renting versus owning? Nyce pays $3,758 a
month, but when she added up her mortgage payment, lawn care and snow
removal, and repairs to the house and appliances, plus utility costs,
she determined that she’s actually saving money by renting. “The house
was 12 years old and things were needing to be repaired and replaced,”
she recalls. “It became a monthly expense.”

One of the major factors driving the rental market is the mindset of the millennial generation.

“When you look out to 2020, the number of echo boomers coming into
prime renting age is going to rise each year,” says Lasota. “Those 18-
to 35-year-olds are more likely to rent.”

One company seeing that trend first-hand is Southern Management
Corporation (SMC), which owns and manages more than 24,000 apartment
homes in 74 different communities in the Baltimore-Washington area.
According to John Cohan, director of marketing, business has been brisk,
with the entire Baltimore-area portfolio seeing only 2.2 percent
vacancy as of June 2013, a rate even lower than the city’s average. The
company’s higher-end apartments, like 39 West Lexington in Baltimore
City, were leasing so quickly—despite monthly rents as high as $3,415
for a penthouse—it was obvious the demand for a luxury product was
there. Since many work downtown anyway, renters age 33 and under are
typically the target demographic for places like 39 West Lexington.

“The millennials are much more likely to choose to rent than
purchase,” says Cohan. Millennials tend to move around for work and,
therefore, do no want to be tied to a purchased home. They want to live
close to work and play in crowded metropolitan areas where home pricing
might be high. And they no longer believe that a home is a safe place to
put their cash.

“They’re helping drive the luxury market, too,” Cohan continues.
“These are people who may have the wherewithal to purchase a house, but
they’re leery to do that. But they still want the same quality in
design, construction, and finishes in a apartment home that they would
find in a for-sale home.”

Good employment opportunity in the metro area is another thing
driving the sector. Renting in Baltimore appeals to doctors and nurses
from Johns Hopkins and the University of Maryland, financial folks from
Legg Mason and T. Rowe Price, government workers, and contractors. Many
are single and most are young professionals, with a smattering of
emptynesters. Younger renters can offset the steep rent by splitting a
two-bedroom with a roommate.

SMC is currently leasing its most exclusive property, The Palisades
at Arundel Preserve near the new Maryland Live! Casino. The 330
“ultra-luxury” apartments opened in April 2013. Average rent starts at
$2,000. Within four months, the place was 70 percent occupied.

Another major player in the local high-end rental industry is The
Bozzuto Group, which has established a niche as the owner of such tony
addresses as Spinnaker Bay, where rent can top $5,000 a month, as well
as some of the city’s premiere apartments including Eight 50 Aliceanna,
The Fitzgerald, and The Promenade at Harbor East. It also manages
McHenry Row and The Zenith.

“We hope we’re really good at delivering the equivalent of a
Ritz-Carlton or Four Seasons experience to our customers,” says
president Toby Bozzuto. He explains that value takes on new importance
with the by-choice renter. “I don’t want people to feel they’ve overpaid
for something. I want them to feel the way they feel after they leave a
really nice restaurant—‘Yes, I paid a little more, but it was an
amazing meal, it was worth it, and I chose to do it.’”

When his company developed Union Wharf, its new 281-unit project in
Fells Point, Bozzuto says the intention was to “wow with design,” to
take the customer experience to new heights.

The glassy, hotel-inspired lobby offers a peek-a-boo view of the
harbor just beyond the zero-edge infinity pool. There’s a resort-style
12,000-square-foot clubhouse with fitness center, screening room, bar
area, and billiards. An outdoor courtyard features a large fireplace.
The interior design uses wood, metal, and concrete to create a warm,
industrial vibe, complemented by the work of local artisans like those
from Gutierrez Studios.

“We live in a design-centric culture,” says Bozzuto. “Whether
intentionally or unintentionally, I believe people perceive design as
something important. I don’t mean hoity-toity, unapproachable design,
but things with functionality. You like your iPhone because of
everything you can do with it. It also happens to be a beautiful thing.
Why can’t our buildings be like that?”

That kind of thinking is responsible, in part, for the demise of the
rental stigma. After all, if you’re living in Spinnaker Bay, no one’s
going to ask, “What’s wrong with you, anyway?”

“It depends on where you are in your life,” says Tracy Nyce. “If
you’re young and want a family, a house is perfect, but if you’re a
young professional, renting is perfect. There are no worries.”

Demand in the Baltimore metro region seems unquenchable and though
city development has focused on the harbor in recent years, the trend is
spreading. Data released by Downtown Partnership of Baltimore,
supported by the 2010 Census, shows the central business district
downtown has seen 130 percent growth in the past decade, ranking it
eighth among the nation’s 25 most densely populated areas.

“Strong demand for downtown living has sent the apartment occupancy
rate to 97 percent,” says Michael Evitts, vice president of
communications at Downtown Partnership of Baltimore. “[Our] recently
released housing-demand study, Outlook 2017, shows the marketplace can
absorb an additional 5,800 new residential units over the next five
years.”

If vacancy rates inch up in the near term, it won’t be because of any
letup in demand, but because of increasing supply. Developers are
cautiously optimistic, with SMC indicating they have more luxury
apartments in the pipeline. Bozzuto also has another project in the
works for Locust Point.

And in Owings Mills, the new $500 million Metro Centre, a 1.6
million-square-foot development next to the subway station, has started
leasing the first 232 apartments in what will be a 1,700-unit
residential component of the David S. Brown Enterprises transit-oriented
project. There will also be 1.2 million square feet of office space,
retail and restaurant space, a hotel, and educational facilities.

Despite the new construction on the horizon, “demand will continue to
outpace new construction for the remainder of the year,” says Victor
Calanog, vice president of research and economics at Reis, in a report.
“Apartment investors who focus on high-quality buildings in desirable
(and supply-constrained) downtown locations are likely to find fewer
reasons to worry.”

Union Wharf

Location Fells Point
Number of Units 281
Average rent $2,355
Highest rent$3,215

What that buys you Located in the heart of Fells
Point, there are three private outdoor courtyards, a fitness center with
TRX and kick-boxing stations, as well as a yoga studio with Apple TV,
all overlooking the infinity pool.

Spa Cove

Location Annapolis
Number of Units 178
Average rent $1,710
Highest rent $2,400

What that buys you Only a 10-minute drive to the
U.S. Naval Academy, Spa Cove has all the high-end touches one would
expect (granite counter tops, stainless-steel appliances) with the added
benefit of waterfront amenities like a private marina with boat slips
and kayak storage available for a reasonable extra fee. It’s also
convenient to the water taxi.

The Crescent

Location Fells Point, Baltimore
Number of Units 252 units
Average rent $2,426
Highest rent$4,000

What that buys you Check out the spinning studio in
the fitness center, the heated pool, the outdoor fireplace and grills in
the courtyards, and the private screening room with its stadium
seating. The apartments feature 10-foot ceilings and kitchens with
built-in wine racks. There are marina slips available for additional
rent.

The Eden

Location Harbor East, Baltimore
Number of Units 270
Average rent $2,244
Highest rent$3,130

What that buys you The 24-hour concierge can cater
to your every need and dog-walking services are available. The garden
area is popular with residents and is used to host monthly
Eden-sponsored events as well as free “yoga in the garden” every
Wednesday. The rooftop pool and club room boast amazing views.

The Fitzgerald

Location Mt. Vernon, Baltimore
Number of Units 275
Average rent $1,901
Highest rent$2,542

What that buys you Get buff in the 2,300-square-foot
fitness center and yoga studio, then chill in the three stylish lounges
with fireplace, billiard table, and bar. There’s also the de rigeuer
swimming pool, a waterwall courtyard, business center with Mac and PC
computers, conference facilities, movie theater, 24-hour front desk, and
garage with EV car chargers. And bring your pet.

The Palisades of Towson

Location Downtown Towson
Number of Units 357
Average rent $1,900
Highest rent$2,520

What that buys you Pet-friendly units, some with
balconies, have granite kitchen countertops and stainless-steel
appliances, full-size stackable washer and dryer, and Wi-Fi. There’s a
fitness center, a community room with several flat-screen TVs, a heated
rooftop pool, sundeck/courtyard with outdoor fireplace, 24-hour
concierge, and a business center with complimentary print and fax
services. And the parking is unique: It’s the automated elevator-type
you operate with your security card.

Spinnaker Bay

Location Harbor East, Baltimore
Number of Units 315
Average rent $2,366
Highest rent $5,482
What
the price tag means There are restaurants and shopping steps away from
the building or a free bus can take residents from Harbor East to work,
shopping, restaurants, attractions, transit hubs, and parking facilities
in downtown Baltimore. There’s always someone at the front desk, the
clubroom has a catering kitchen, and the garden terrace has a heated
pool and spa with a water view.

The Zenith

Location West Side, Baltimore
Number of Units 191
Average rent $2,077
Highest rent$4,650

What that buys you It’s the downtown location for
the ultra hip: The Zenith has a state-of-the-art fitness center,
high-tech business center, full-service concierge, and private garage
parking with elevator access to main building.

39 W. Lexington

Location West Side, Baltimore
Number of Units 181
Average rent $1,765 (not including penthouses)
Highest rent$3,415

What that buys you This building is on the National
Register of Historic Places. Utilities are included in the price and
sound-proofed apartments feature cherry cabinetry and marble-floored
bathrooms with Kohler fixtures. The gym has a dry sauna, there’s valet
dry-cleaning, and an on-call limousine provides chaffeur service around
Baltimore.

Dorsey Ridge

Location Hanover
Number of Units 323 mid-rise apartments; 238 villas
Average rent $2,000 for two-bedroom
Highest rent$2,975

What that buys you Residents can use two clubhouses,
each with surround-sound movie theaters, fitness centers with kinder
care, and yoga/aerobics rooms, as well as the infinity pool. All
apartments have a fireplace and are fitted with a “Smart Panel” that
lets the resident control thermostat and lights via smartphone.

Mariner Bay

Location Annapolis
Number of Units 208
Average rent $2,320
Highest rent$3,745

What that buys you Forget the party in 3B: The fun’s
on the rooftop where there’s a clubroom with plasma TVs, fitness center
with yoga room, outdoor pool and landscaped terraces with views of
downtown Annapolis. An added benefit is direct-access garage parking and
even organic dry cleaning services.