Baltimore Multifamily Report – August 2026
A tepid economy is affecting the demand side.
At the end of the first half of 2026, Baltimore’s multifamily fundamentals indicated a modest performance. The average advertised asking rent was up 0.3 percent, on a trailing three-month basis as of June, to $1,774, 10 basis points above the U.S. rate. The latest forecast projects a 1.9 percent expansion for Baltimore in 2026. The metro’s average overall occupancy clocked in below 95 percent, marking a 40-basis-point decrease over 12 months.
Baltimore employment growth was down 2.6 percent through April, 250 basis points below the U.S. figure. Only two sectors recorded net positive gains in the 12 months ending in April 2026, with education and health services adding 6,600 positions. The area’s unemployment stood at 3.9 percent as of May, 40 basis points below the U.S. figure, according to preliminary data from the Bureau of Labor Statistics. Tradepoint Atlantic and Terminal Investment broke ground on the 168-acre Sparrows Point Container Terminal. The $1.2 billion project will expand container handling capacity at the Port of Baltimore by 70 percent and will create 8,000 jobs.
Baltimore developers added 745 units in the first six months of 2026. That was 0.3 percent of existing stock and 60 basis points lower than the U.S. rate of completions. Transaction activity gained momentum from 2025’s volume. At $320 million, it was double the sales total recorded during the same period last year.
