{"id":5773,"date":"2023-04-06T13:29:32","date_gmt":"2023-04-06T13:29:32","guid":{"rendered":"https:\/\/www.yardimatrix.com\/blog\/?p=5773"},"modified":"2024-03-12T16:33:13","modified_gmt":"2024-03-12T16:33:13","slug":"baltimore-multifamily-market-report-march-2023","status":"publish","type":"post","link":"https:\/\/www.yardimatrix.com\/blog\/baltimore-multifamily-market-report-march-2023\/","title":{"rendered":"Baltimore Multifamily Market Report \u2013 March 2023"},"content":{"rendered":"\n<p class=\"has-normal-font-size\">Read the latest Yardi Matrix <strong><a href=\"\/blog\/baltimore-multifamily-market-report\/\">Baltimore Multifamily Market Report<\/a><\/strong>.<\/p>\n\n\n<hr \/>\n<h2>Rents Slip, Deal Volume Endures<\/h2>\n<p>After a strong run, in line with nationwide performance, <strong><a href=\"https:\/\/www.yardimatrix.com\/blog\/baltimore-multifamily-market-report-december-2022\/\">Baltimore multifamily is recalibrating<\/a><\/strong> and returning to historic figures, with both rents and occupancy contracting. The average rate was down 50 basis points on a trailing three-month basis as of January, while the occupancy rate in stabilized assets slid 1.2% in 2022.<\/p>\n<p><iframe id=\"datawrapper-chart-yXZ8N\" style=\"width: 0; min-width: 100% !important; border: none;\" title=\"Baltimore vs. National Rent Growth (Trailing 3 Months)\" src=\"https:\/\/datawrapper.dwcdn.net\/yXZ8N\/1\/\" height=\"376\" frameborder=\"0\" scrolling=\"no\" aria-label=\"Interactive line chart\" data-external=\"1\"><\/iframe><script type=\"text\/javascript\">!function(){\"use strict\";window.addEventListener(\"message\",(function(a){if(void 0!==a.data[\"datawrapper-height\"]){var e=document.querySelectorAll(\"iframe\");for(var t in a.data[\"datawrapper-height\"])for(var r=0;r<e.length;r++)if(e[r].contentWindow===a.source){var i=a.data[\"datawrapper-height\"][t]+\"px\";e[r].style.height=i}}}))}();\n<\/script><\/p>\n<p>Metro Baltimore added 41,000 positions in the 12 months ending in November 2022, marking a 3.0% expansion. Like neighboring Washington, D.C., the city benefited from the gentler economic shakeup that coastal markets felt when COVID-19 hit, and this helped it recover more quickly. The area\u2019s unemployment clocked in at a tight 3.1% as of December, down 140 basis points in 12 months. Meanwhile, high-profile projects such as Baltimore Peninsula, Tradepoint Atlantic and the $200 million renovation of CFG Bank Arena moved forward.\u00a0<\/p>\n<p><iframe id=\"datawrapper-chart-hcLru\" style=\"width: 0; min-width: 100% !important; border: none;\" title=\"Baltimore Employment Share by Sector\" src=\"https:\/\/datawrapper.dwcdn.net\/hcLru\/1\/\" height=\"558\" frameborder=\"0\" scrolling=\"no\" aria-label=\"Table\" data-external=\"1\"><\/iframe><script type=\"text\/javascript\">!function(){\"use strict\";window.addEventListener(\"message\",(function(a){if(void 0!==a.data[\"datawrapper-height\"]){var e=document.querySelectorAll(\"iframe\");for(var t in a.data[\"datawrapper-height\"])for(var r=0;r<e.length;r++)if(e[r].contentWindow===a.source){var i=a.data[\"datawrapper-height\"][t]+\"px\";e[r].style.height=i}}}))}();\n<\/script><\/p>\n<p>A total of $2.9 billion in assets traded in 2022 in Baltimore, marking the second-best volume of the decade, on the heels of the record-breaking $3.3 billion registered in 2021. Meanwhile, completions decelerated sharply, with 996 units coming online last year and an additional 4,524 apartments underway at the beginning of 2023. With many markets returning to pre-pandemic dynamics and considering the supply and demand balance, Yardi Matrix expects Baltimore rents to grow 2.1% this year.<\/p>\n<p>Read the full <a href=\"https:\/\/www.yardimatrix.com\/publications\/download\/file\/3632-MatrixMultifamilyBaltimoreReport-March2023\" target=\"_blank\" rel=\"noopener\"><strong>Matrix Multifamily Baltimore Report-March 2023<\/strong><\/a><\/p>\n\n\n<div style=\"height:45px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Rents Slip, Deal Volume Endures After a strong run, in line with nationwide performance, Baltimore multifamily is recalibrating and returning to historic figures, with both rents and occupancy contracting. The average rate was down 50 basis points on a trailing three-month basis as of January, while the occupancy rate in stabilized assets slid 1.2% in [&hellip;]<\/p>\n","protected":false},"author":753,"featured_media":5774,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[12,5,4],"tags":[103,475],"class_list":["post-5773","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-metro-reports","category-multifamily-market","category-real-estate-trends","tag-baltimore","tag-multifamily-outlook-2023"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Baltimore Multifamily Market Report \u2013 March 2023 - Yardi Matrix Blog<\/title>\n<meta name=\"description\" content=\"After its strongest run in decades, Baltimore multifamily is recalibrating. Rents fell 0.6% on a T3 basis through January, Yardi Matrix reports.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.yardimatrix.com\/blog\/baltimore-multifamily-market-report-march-2023\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Baltimore Multifamily Market Report \u2013 March 2023\" \/>\n<meta property=\"og:description\" content=\"After its strongest run in decades, Baltimore multifamily is recalibrating. Rents fell 0.6% on a T3 basis through January, Yardi Matrix reports.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.yardimatrix.com\/blog\/baltimore-multifamily-market-report-march-2023\/\" \/>\n<meta property=\"og:site_name\" content=\"Yardi Matrix Blog\" \/>\n<meta property=\"article:published_time\" content=\"2023-04-06T13:29:32+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-03-12T16:33:13+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.yardimatrix.com\/blog\/wp-content\/uploads\/sites\/39\/2023\/04\/Baltimore-iStock-1439278713.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"628\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Razvan Cimpean\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Bogdan Odagescu\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"Baltimore Multifamily Market Report \u2013 March 2023 - Yardi Matrix Blog","description":"After its strongest run in decades, Baltimore multifamily is recalibrating. 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