Baltimore and Washington, D.C. Multifamily Market Report | Newmark | Q4 2025

Market Overview

Baltimore and Washington closed out 2H25 with fundamentals pulling in opposite directions. Baltimore's occupancy rose to 95.3% as absorption of 3,130 units comfortably outpaced the market's smallest delivery year since 2022 at 1,567 units. Rent growth was essentially flat at 0.1%, with sales volume approaching $1.0 billion and cap rates at 5.9%. Washington presented a more complex picture: nearly 11,000 units were delivered against just 2,059 absorbed, pushing occupancy down 120 basis points to 94.8% and rents down 1.1%. Federal employment uncertainty compounded the pressure. Even so, Q4 transaction volume in the Washington metro reached $2.6 billion, the largest quarterly figure since 2021, with per-unit pricing rising 7.4% year over year to $305,892, signaling investor conviction in the market's long-term fundamentals.

About Newmark

Newmark is a full-service commercial real estate advisory and capital markets firm serving investors, owners, and occupiers across major U.S. and global markets. Their Baltimore and Washington, DC 2H25 multifamily report covers occupancy, rent growth, absorption, deliveries, and sales volume across both metros to help investors assess market conditions and refine investment timing. To read the full report, click here.