Moderate Rent, Supply Growth
Baltimore ended the second quarter with a mixed performance across multifamily fundamentals, according to the latest Yardi Matrix Baltimore multifamily market report. Rent gains remained sluggish but were ahead of the nation. The average advertised asking rent was up 0.3%, 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% on a year-over-year basis, clocking in significantly higher than the 0.9% U.S. figure, as noted in the U.S. multifamily market report. Meanwhile, occupancy in the metro ticked up 30 basis points year-over-year through May, to 95.0%. The rate was also ahead of the nation.
Employment growth slowed down significantly, to 0.7% 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% of existing stock and in line with 2024’s performance.
Read the full Yardi Matrix Baltimore Multifamily Market Report: August 2025
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