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Market Report

Baltimore Multifamily Market Report

2Q 2023

Baltimore’s Expanding Economy Provides Long-Run Optimism,
Despite the Recent Slowdown in Demand

Supply growth will inch up availability. Apartment demand achieved record levels in 2020 and 2021, but conditions in Baltimore have since softened. Still, a 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 been sluggish, 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 tick up vacancy while slowing rent growth in the near-term.
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