Baltimore Multifamily Market Report

Curveballs come despite forward motion. The year began with all green lights for the metro’s apartment fundamentals. Supply pressures were easing, and vacancy was falling at an accelerating pace; however, Baltimore faces an infrastructure problem in the short term. The loss of the Francis Scott Key Bridge is diverting traffic through the Fort McHenry and Baltimore harbor tunnels. While downtown and suburban Baltimore are not directly affected, commuting to the Canton Industrial area, Locust Point and Fairfield has become more difficult. This added congestion may also limit renter interest in affected neighborhoods, particularly among logistics and industrial workers. Rebuilding the bridge is estimated to take four years. Baltimore’s renter base may also be impacted by Federal workforce reductions. So far this year, however, rental operations continue to improve across the market.