Baltimore Multifamily Report – December 2025
Results were mixed, yet occupancy outperformed the U.S. average.
Baltimore’s multifamily market entered the fourth quarter of 2025 with mixed results across fundamentals, although the overall trend was generally positive. In the context of the previous two years recording nearly 8,000 new units, rent growth decelerated. Advertised asking rents ticked down 0.1 percent, on a trailing three-month basis through October, to $1,752. Despite the recent surge in supply growth, Baltimore’s average occupancy rate in stabilized assets remained healthy, at 95.0 percent as of September, 30 basis points ahead of the national average.
The metro’s unemployment rate stood at 4.3 percent in August, on par with the national figure, according to preliminary data from the Bureau of Labor Statistics. Meanwhile, employment growth slowed down to 0.2 percent through August, lagging the U.S. rate by 60 basis points. In the 12 months ending in August, Baltimore recorded a net loss of 4,400 jobs. Education and health services was the strongest-performing sector, gaining 12,000 positions. Some large infrastructure projects reached milestones this year, including new budget estimations for the Francis Scott Key Bridge replacement (between $4.3 billion and $5.2 billion) and the newly revitalized Red Line Light Rail 14-mile corridor project (more than $7 billion).
Developers completed 2,972 units in 2025 through October, which was on par with the previous year. Meanwhile, transactions remained on a downward trend, with just $392 million in deals.
