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Market Report

Baltimore Multifamily Market

2Q 2023

Baltimore’s Growing Economy Gives
Long-Run Optimism for Renter Demand

Supply growth will inch-up availability. Apartment demand achieved record levels in 2020 and 2021, but conditions in Baltimore have since softened. Nevertheless, the settling from historically tight market conditions leaves the metro in fundamentally healthy shape, and rent growth over the past 12 months ending in March still outpaced Baltimore’s long-term average. Although recent performance has waned, a demand moderation was expected as recessionary fears began to emerge. As conditions in the financial sector become more predictable later this year, hiring should accelerate, providing a boost to renter demand. However, deliveries in 2023 will more than double last year’s total, and the influx of new supply may continue to nudge up vacancy while slowing rent growth in the near-term. 

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