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Market Report

Baltimore Multifamily Market
Report

2Q 2022

Leasing Surge Slices Vacancy; Trio of
Submarkets Account for Supply Pipeline

Renewed demand for urban units elevates fundamentals. Positive absorption is widespread throughout the market, with all 15 of Baltimore's submarkets recording vacancy compression over the past 12 months ending March. As a result, metrowide vacancy contracted to the lowest rate in over 20 years, while rent growth surpassed the double-digit mark on an annual basis for the first time on record. The easing of pandemic-related restrictions on entertainment and dining venues, coupled with office returns for some employers, spearheaded renter demand in Downtown Baltimore. Over the past four quarters, vacancy in the urban core compressed 370 basis points to 3.5 percent. Entering the second quarter, availability in the CBD was only 90 basis points above the suburban rate, compared to the 370 basis point difference observed at the end of 2020.

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