Market Report
Baltimore Multifamily Market Report
2025 Investment Forecast
Public Initiatives Help Bolster Demand in the Core,
Influencing Investment Trends
Demand exceeding ample new supply amid changing landscape. Over 3,000 units are slated to be completed this year, half of which will be in the central business district. Yet, even with concentrated construction, downtown’s vacancy is still falling. The measure fell over 100 basis points last year to under 6 percent, aided by the highest net absorption of any submarket. Reflecting strong demand, concession usage here fell to the national average last year. This positive momentum is set to continue as Maryland’s redevelopment plan for the CBD kicks into gear. Aiming to refurbish disused commercial spaces and infrastructure, the state is providing grants to improve facades, restore public parks and demolish vacant public buildings for green spaces to bring foot traffic downtown. Meanwhile, with construction focused in the core, there is a dearth of apartments being built in the suburbs. This bodes well for areas like Columbia-North Laurel, which saw no notable deliveries last year despite demand from renters stoking rent gains above the market average.
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