Baltimore Multifamily Report – December 2022

While fundamentals softened, the market remained healthy.

Baltimore rent evolution, click to enlarge

Amid negative demographics and ebbing demand, Baltimore’s rental market continued its moderate performance. Rent growth softened to 0.3 percent on a trailing three-month basis through October, to $1,687, while the average occupancy rate in stabilized assets slid 90 basis points year-over-year through September, to 95.7 percent.


Baltimore sales volume and number of properties sold, click to enlarge

Metro Baltimore added 58,500 jobs in the 12 months ending in August, accounting for 3.5 percent employment growth in a year, but trailing the U.S. rate by 80 basis points. Gains were led by leisure and hospitality with 15,200 jobs, followed by trade, transportation and utilities with 13,400 positions. Of all sectors, only financial activities lost jobs (-1,600). According to preliminary Bureau of Labor Statistics data, the unemployment rate stood at 3.7 percent in September, which placed Baltimore behind other major Mid-Atlantic metros such as Washington, D.C., (3.0 percent) and Richmond (2.8 percent), but ahead of the state (4.0 percent).

Baltimore: Image by halbergman/

Baltimore: Image by halbergman/

Development activity moderated across the metro. Only 1,544 units came online this year through October, and developers had just 4,233 units underway. Construction starts also took a nosedive: After breaking ground on 2,367 apartments in the first 10 months of 2021, developers started work on only 751 units in the same interval of this year. Meanwhile, transaction activity continued to gain momentum. With $2.4 billion in multifamily assets changing hands, sales were on par with last year’s volume.

Read the full Yardi Matrix report.

You May Also Like