Baltimore Multifamily Market Report – March 2025

Rents Pick Up Slowly, Investment Grows

Baltimore started the new year with slow yet stable multifamily fundamentals, according to the latest Yardi Matrix Baltimore multifamily market report. Average advertised asking rents were up 0.1%, to $1,736, on a trailing three-month basis through January, 20 basis points ahead of the nation. Year-over-year, however, rents were up a stronger 2.5%, placing Baltimore ninth among the top 30 metros tracked by Yardi Matrix. The market also ranked significantly above the 0.8% national figure, as noted in the U.S. multifamily market report.

Baltimore unemployment stood at 2.7% as of December, up 60 basis points year-over-year, according to preliminary data from the Bureau of Labor Statistics. Employment growth stood at 0.3% as of November, lagging the nation by 100 basis points. Even so, the figure still marked an improvement against the contractions recorded between May and August. In the 12 months ending in November, the metro gained 17,100 net jobs. Education and health services accounted for most of this, with 17,600 positions added. Meanwhile, six sectors lost a combined 7,900 jobs, mainly from construction (-3,100) and other services (-2,300).

Developers completed 2,520 units last year, which was about 1,200 fewer than in 2023. Baltimore had 6,044 apartments under construction as of January, along with an additional 42,000 units in the planning and permitting stages. Meanwhile, investment activity picked up, with $1 billion in assets trading in 2024, up more than 50% year-over-year.

Read the full Yardi Matrix Baltimore Multifamily Market Report: March 2025