{"id":6235,"date":"2023-09-07T12:52:58","date_gmt":"2023-09-07T12:52:58","guid":{"rendered":"https:\/\/www.yardimatrix.com\/blog\/?p=6235"},"modified":"2023-09-12T15:25:12","modified_gmt":"2023-09-12T15:25:12","slug":"baltimore-multifamily-market-report-august-2023","status":"publish","type":"post","link":"https:\/\/www.yardimatrix.com\/blog\/baltimore-multifamily-market-report-august-2023\/","title":{"rendered":"Baltimore Multifamily Market Report \u2013 August 2023"},"content":{"rendered":"<h2>Rental Market Shifts Up a Gear<\/h2>\n<p>After both rents and occupancy contracted last winter, the Baltimore multifamily market is recalibrating and returning to a healthier pace, with rates on an upswing and occupancy picking up slightly. The average rent was up 50 basis points on a trailing three-month basis through June, while occupancy in stabilized assets slid 1.0% over 12 months, <a href=\"https:\/\/www.yardimatrix.com\/blog\/baltimore-multifamily-market-report-march-2023\/\"><strong>improving from the 1.4% recorded in February<\/strong><\/a>.<\/p>\n<p><iframe id=\"datawrapper-chart-sqPpr\" style=\"width: 0; min-width: 100% !important; border: none;\" title=\"Baltimore vs. National Rent Growth (Trailing 3 Months)\" src=\"https:\/\/datawrapper.dwcdn.net\/sqPpr\/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>The metro added 31,300 jobs in the 12 months ending in April, marking a 1.2% expansion. Like Washington, D.C., Baltimore benefited from a gentler economic shakeup at the height of the pandemic, compared to other coastal markets, which has helped the city\u2019s recovery. The area\u2019s unemployment clocked in at 2.2% as of May, down 150 basis points in 12 months. Large projects such as Baltimore Peninsula and Tradepoint Atlantic are moving forward, while the $200 million renovation of CFG Bank Arena was completed.<\/p>\n<p><iframe id=\"datawrapper-chart-E3O8g\" style=\"width: 0; min-width: 100% !important; border: none;\" title=\"Baltimore Employment Share by Sector\" src=\"https:\/\/datawrapper.dwcdn.net\/E3O8g\/1\/\" height=\"416\" 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 $235 million in rental communities traded in the first half of 2023 in Baltimore, 78.6% less than the volume for the same period last year, when $1.1 billion worth of assets changed hands. Meanwhile, completions increased sharply, with 1,275 units delivered this year through June, 22% more than the 996 completed in 2022. A total of 12 projects broke ground, comprising 2,346 units. This marked a significant jump from 2022, when work began on only 630 apartments in the same time frame.<\/p>\n<p>Read the full <a href=\"https:\/\/www.yardimatrix.com\/publications\/download\/file\/4225-MatrixMultifamilyBaltimoreReport-August2023\"><strong>Matrix Multifamily Baltimore Report-August 2023<\/strong><\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Rental Market Shifts Up a Gear After both rents and occupancy contracted last winter, the Baltimore multifamily market is recalibrating and returning to a healthier pace, with rates on an upswing and occupancy picking up slightly. The average rent was up 50 basis points on a trailing three-month basis through June, while occupancy in stabilized [&hellip;]<\/p>\n","protected":false},"author":753,"featured_media":6236,"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-6235","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 August 2023 - Yardi Matrix Blog<\/title>\n<meta name=\"description\" content=\"Baltimore rent growth outperformed the U.S. average in June, picking up after 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