Demand has never been higher for multifamily in Baltimore, Maryland. The city absorbed 6,769 units in the first half of the year, according to data from RealPage.
Not only does that mark a record — but the amount is almost threefold higher than what Baltimore has averaged yearly over the past decade. Additionally, the demand was more than double the supply of 3,266 units posted over the past 12 months.
Not too long ago, between the second half of 2022 and the first six months of 2023, Baltimore was negatively absorbing an average of 3,400 multifamily units annually. Putting that into consideration, RealPage calls the 2025 performance "remarkably strong."
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The spike in demand appears to be carrying over to other key fundamentals of multifamily in the city. For example, rents in the six months through June are up 1.1 percent year-over-year, at an average of $1,774. That growth outpaces the national average of 0.5 percent. Yet, rent prices still lag behind the country's $1,887 median.
Additionally, occupancy surged by 170 basis points to 95.8 percent. That's 20 basis points above the national average.
In recent years, many multifamily markets have produced an influx of supply. However, Baltimore, along with the Northeast and the Midwest, has been avoiding these trends lately. Over the past four quarters, the Midwest and Northeast have generated an average of 2.4 percent in rent growth, a multifamily report from Apartments.com finds.
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Anthony Russo
Anthony Russo has been contributing to GlobeSt. since July 2024. Along with CRE, his financial background expands to capital markets, the economy, and consumer issues. Previously, he has written for CapitalWatch and was a senior reporter for The US Sun.
