{"id":8197,"date":"2024-09-03T07:17:00","date_gmt":"2024-09-03T07:17:00","guid":{"rendered":"https:\/\/www.yardimatrix.com\/blog\/?p=8197"},"modified":"2025-01-09T07:31:24","modified_gmt":"2025-01-09T07:31:24","slug":"baltimore-multifamily-market-report-august-2024","status":"publish","type":"post","link":"https:\/\/www.yardimatrix.com\/blog\/baltimore-multifamily-market-report-august-2024\/","title":{"rendered":"Baltimore Multifamily Market Report \u2013 August 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>Rents Recover, Completions Slow<\/h2>\n<p>Baltimore\u2019s multifamily market continued to navigate economic hurdles in the first half of the year, according to the latest Yardi Matrix Baltimore multifamily market report. Average advertised asking rents were up 0.5% on a trailing three-month basis through June, to $1,717, 20 basis points higher than the U.S. rate. The metro\u2019s occupancy rate for stabilized properties was down 30 basis points, to 94.5%, as of May, on par with the national figure, per the <strong><a href=\"\/blog\/national-multifamily-market-report\/\" rel=\"\">U.S. multifamily market report<\/a><\/strong>.<\/p>\n<p><iframe id=\"datawrapper-chart-LPqTr\" style=\"width: 0; min-width: 100% !important; border: none;\" title=\"Baltimore vs. National Rent Growth\" src=\"https:\/\/datawrapper.dwcdn.net\/LPqTr\/1\/\" height=\"321\" 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>Employment in Baltimore stagnated in the 12 months ending in April, while the U.S. figure was up 1.4%. The area\u2019s unemployment rate stood at 2.4% as of May, 160 basis points lower than the U.S. figure, according to preliminary data from the Bureau of Labor Statistics. Over this period, Baltimore recorded a net loss of 1,400 jobs, while education and health services was the only sector with significant gains. Despite these losses, new developments and projects promise to help revitalize the metro. Hellenic Cables Americas will develop a $300 million cable manufacturing facility in South Baltimore. Construction is slated to begin by the end of the year.<\/p>\n<p><iframe id=\"datawrapper-chart-zvU26\" style=\"width: 0; min-width: 100% !important; border: none;\" title=\"Baltimore Employment Share by Sector\" src=\"https:\/\/datawrapper.dwcdn.net\/zvU26\/1\/\" height=\"423\" 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 753 units came online in the first six months of 2024, representing 0.3% of existing stock and 80 basis points lower than the national rate of completions. Investments returned closer to historic averages, with $266 million in assets changing hands year-to-date through June, only about $20 million less than 2023\u2019s first half.<\/p>\n<p>Read the full Yardi Matrix Baltimore Multifamily Market Report: <a href=\"https:\/\/www.yardimatrix.com\/publications\/download\/file\/6071-MatrixMultifamilyBaltimoreReport-August2024\"><strong>August 2024<\/strong><\/a><\/p>","protected":false},"excerpt":{"rendered":"<p>Rents Recover, Completions Slow Baltimore\u2019s multifamily market continued to navigate economic hurdles in the first half of the year, according to the latest Yardi Matrix Baltimore multifamily market report. Average advertised asking rents were up 0.5% on a trailing three-month basis through June, to $1,717, 20 basis points higher than the U.S. rate. The metro\u2019s [&hellip;]<\/p>\n","protected":false},"author":436,"featured_media":7762,"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-8197","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 August 2024 - Yardi Matrix Blog<\/title>\n<meta name=\"description\" content=\"Advertised asking rents in Baltimore rose 0.5 percent on a T3 basis in June, to $1,717, Yardi Matrix data shows.\" \/>\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-august-2024\/\" \/>\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 August 2024\" \/>\n<meta property=\"og:description\" content=\"Advertised asking rents in Baltimore rose 0.5 percent on a T3 basis in June, to $1,717, Yardi Matrix data shows.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.yardimatrix.com\/blog\/baltimore-multifamily-market-report-august-2024\/\" \/>\n<meta property=\"og:site_name\" content=\"Yardi Matrix Blog\" \/>\n<meta property=\"article:published_time\" content=\"2024-09-03T07:17:00+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2025-01-09T07:31:24+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.yardimatrix.com\/blog\/wp-content\/uploads\/sites\/39\/2024\/04\/Baltimore-iStock-2161408943.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=\"Adina Rogoz\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Madalina Pojoga\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"Baltimore Multifamily Market Report \u2013 August 2024 - 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