Baltimore Multifamily Report – March 2022
Over the past year, the city's performance mostly mirrored national averages.
Baltimore rent evolution, click to enlarge
Confronted with a stagnating demographic trend and an aging population, Baltimore’s rental market continued to slowly move forward in its recovery. Through January, Baltimore rates rose only 0.1 percent on a trailing three-month basis and 12.3 percent on a year-over-year basis. Rents averaged $1,611, $7 above the national figure.
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Baltimore sales volume and number of properties sold, click to enlarge
As of December, the metro’s unemployment rate was 3.8 percent—the lowest level reported since the beginning of the health crisis—according to preliminary Bureau of Labor Statistics data. Baltimore added 59,000 jobs in the 12 months ending in November, with professional and business services leading employment growth. Johns Hopkins, the University of Maryland and the Social Security Administration are among the largest employers in the metro and have significantly contributed to the metro’s economic stability over the past couple of years. The logistics sector is also posting exceptional performance. To support the expected growth in cargo flow, a $466 million reconstruction of the Howard Street Tunnel is now underway.
Total sales doubled last year in Baltimore and hit $3 billion, as several high-profile assets in the metro changed ownership. On the flip side, multifamily completions reached a record low, with only 1,730 units coming online in 2021. With deliveries slowing, Baltimore will likely see above-average rent growth in 2022.
