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Market Report

Baltimore Multifamily Market Report

Third Quarter 2019

Multifamily Landscape Counters Headlines; Vacancy Drops Amid Supply Growth

Apartments display strong performance late in cycle, hitting record-low vacancy. Despite Baltimore’s negative perception in the media, the metro’s multifamily sector has performed positively over the current business cycle. Developers continue to invest in the downtown area, which is undergoing a revival, contributing to more people living and working within the central business district. Of the approximately 2,000 apartments under construction in 2019, about 71 percent of them are within the city of Baltimore, including more than 600 deliveries downtown. Prominent arrivals such as the Luminary at One Light and 2Hopkins infuse the market with luxury rentals uncommon to the area until recently. The demand for these and other types of apartments is reflected in the metrowide vacancy rate, which has been declining consistently since late 2017 to hit a 13-year low of 4.5 percent in June. Improvements are spread across property classes, with availability under 5.0 percent among Class A, B and C rentals. Suburban properties are also benefiting from less competition from new supply.

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