{"id":7757,"date":"2024-04-02T12:16:00","date_gmt":"2024-04-02T12:16:00","guid":{"rendered":"https:\/\/www.yardimatrix.com\/blog\/?p=7757"},"modified":"2024-09-13T12:23:32","modified_gmt":"2024-09-13T12:23:32","slug":"baltimore-multifamily-market-report-march-2024","status":"publish","type":"post","link":"https:\/\/www.yardimatrix.com\/blog\/baltimore-multifamily-market-report-march-2024\/","title":{"rendered":"Baltimore Multifamily Market Report \u2013 March 2024"},"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>Stable Performance Keeps Market Afloat<\/h2>\n<p>The Baltimore multifamily market started 2024 on a sluggish note, according to the latest Yardi Matrix Baltimore multifamily market report. Rents were in line with U.S. figures, per the <strong><a href=\"https:\/\/www.yardimatrix.com\/blog\/national-multifamily-market-report\/\">national report<\/a><\/strong>, down 0.2% on a trailing three-month basis through January\u2014the fifth consecutive month of contractions. Year-over-year figures followed a similar path, with the metro\u2019s rate up 0.6% as of January, to $1,673, just 10 basis points ahead of the U.S. average. Meanwhile, supply rose in 2023, putting some pressure on occupancy in stabilized assets, which slid 60 basis points in 12 months, to 94.5% in January.<\/p>\n<p><iframe id=\"datawrapper-chart-9zPlq\" style=\"width: 0; min-width: 100% !important; border: none;\" title=\"Baltimore vs. National Rent Growth\" src=\"https:\/\/datawrapper.dwcdn.net\/9zPlq\/1\/\" height=\"452\" 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>Unemployment clocked in at a tight 2.0% as of December, according to preliminary data from the Bureau of Labor Statistics. This was a full percentage point lower than the figure recorded at the beginning of 2023, bucking the national trend of slow but steady deceleration. Meanwhile, the U.S. rate climbed 30 basis points in the same interval, to 3.7%. Over the 12 months ending in November 2023, Baltimore\u2019s labor pool expanded 1.4%\u201480 basis points below the nation\u2014for a total of 26,800 net jobs gained.<\/p>\n<p><iframe id=\"datawrapper-chart-BKONp\" style=\"width: 0; min-width: 100% !important; border: none;\" title=\"Baltimore Employment Share by Sector\" src=\"https:\/\/datawrapper.dwcdn.net\/BKONp\/1\/\" height=\"417\" 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>While Baltimore is generally a low-supply market, completions rose in 2023, with 3,058 units coming online, more than double the 2022 figure. Bucking national trends, the metro recorded a large jump in building starts last year, to 4,244 units. That\u2019s almost double the number of starts in 2022.<\/p>\n<p>Read the full Yardi Matrix Baltimore Multifamily Market Report: <a href=\"\/publications\/download\/file\/5342-MatrixMultifamilyBaltimoreReport-March2024\"><strong>March 2024<\/strong><\/a><\/p>","protected":false},"excerpt":{"rendered":"<p>Stable Performance Keeps Market Afloat The Baltimore multifamily market started 2024 on a sluggish note, according to the latest Yardi Matrix Baltimore multifamily market report. Rents were in line with U.S. figures, per the national report, down 0.2% on a trailing three-month basis through January\u2014the fifth consecutive month of contractions. Year-over-year figures followed a similar [&hellip;]<\/p>\n","protected":false},"author":753,"featured_media":7760,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[12,5,4],"tags":[103,511],"class_list":["post-7757","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-2024"],"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 2024 - Yardi Matrix Blog<\/title>\n<meta name=\"description\" content=\"Baltimore\u2019s developers acted with confidence in 2023, nearly doubling new construction starts year-over-year.\" \/>\n<meta name=\"robots\" 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