Baltimore Multifamily Market
Report

CBD approaching equilibrium, suburbs outperform. Though not immune to federal downsizing, Baltimore fared better than the Washington, D.C., metro in 2025. Employment growth will offer limited support for apartment demand this year, but net job losses will likely be avoided. Many submarkets surrounding the core are better positioned to withstand potential headwinds, vacancies last year fell by more than 100 basis points in some instances. The lowest rates entering 2026 were, nevertheless, in suburban communities farther out, such as Columbia and Towson. In the city center, vacancy was largely unchanged through last year, constrained by the metro’s highest supply pressure of roughly 3 percent year-over-year, which will likely ease in 2026. The Class A vacancy rate there has tended toward the low-4 percent band since 2024, about 3 to 5 percentage points below the other tiers’ metrics. Facing a local supply growth rate closer to 2 percent in 2026, Class A vacancy in the core may now decline year-over-year. Similarly, the Towson and Hunt Valley submarket expects a sudden contraction in new supply, which may lower vacancy rates in its sizable Class B inventory, with the metric already near 3.8 percent late in 2025.