Baltimore Multifamily Report – August 2025
This market is showing growth in both occupancy and asking rents.
Baltimore ended the second quarter with a mixed performance across multifamily fundamentals. Rent gains remained sluggish but were ahead of the nation. The average advertised asking rent was up 0.3 percent, on a trailing three-month basis through June, to $1,760, just $1 short of the national average. Baltimore rents were also up 1.6 percent on a year-over-year basis, clocking in significantly higher than the 0.9 percent U.S. figure. Meanwhile, occupancy in the metro ticked up 30 basis points year-over-year through May, to 95.0 percent. The rate was also ahead of the nation.
Employment growth slowed down significantly, to 0.7 percent year-over-year through April. The metro trailed the nation after staying ahead for all of 2024. Over the 12-month interval ending in April, the metro added 500 net jobs, with education and health services leading growth (11,800 jobs), followed by the public sector (1,600). Professional and business services (-8,700 jobs) and leisure and hospitality (-3,000) recorded the largest losses.
Baltimore’s Waterfront continues to see large investments, with more than $3 billion committed for ongoing and upcoming mixed-use projects. Among them is the $1 billion Harbor Point, which is nearing completion of its third phase. Baltimore’s supply growth remained moderate, with 1,232 units added in the first half of the year, representing 0.5 percent of existing stock and in line with 2024’s performance.
