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Market Report

Baltimore Multifamily Market Report

3Q 2022

Limited Deliveries and a Constrained Single-Family
Housing Market Benefit Rentals in Baltimore

Performance outpacing historical norms. The record-setting streak of apartment demand has begun to settle in Baltimore. Still, multifamily fundamentals are strong relative to performance metrics prior to the health crisis. Entering the second half, availability was 150 basis points below the pre-pandemic rate, with fewer than 8,000 physically vacant units across the metro in June. Before the health crisis, so few units had not been vacant since 2006, when inventory was 17 percent smaller. Meanwhile, effective rents rose by more than 2.5 percent in just the second quarter alone, a growth rate that nearly matches typical annual outputs in Baltimore. Looking ahead, a shortage of for-sale housing in the market will likely keep rental demand elevated in the near- to mid-term. As of June, there were just under 4,000 active single-family listings throughout the metro, compared to over 10,500 during the same month in 2019.
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