Baltimore Multifamily Market Report – March 2025

Market Overview

Baltimore is in a different phase of the cycle compared to many high-growth metros—it’s benefiting from low supply levels and steady renter demand. Average rents rose 2.5% year-over-year, and occupancy remains strong at nearly 95%. With only 2,500 units delivered last year and around 6,000 units in the pipeline, the market is largely in balance. Rent gains are especially notable in Class B and workforce segments, where affordability pressures in neighboring DC are pushing renters toward Baltimore.

About Yardi Matrix

Yardi Matrix is renowned for its in-depth and property-specific research across multifamily markets. What sets it apart is its consistent accuracy in tracking not just rent trends, but also operating metrics like lease rates, renewal spreads, and loan maturity exposure. In supply-constrained cities like Baltimore, Yardi’s reports shine by highlighting market stability and resilience—data points that can easily be missed in high-level national summaries. Investors, asset managers, and developers rely on Yardi Matrix not just for insights, but also for the actionable granularity it provides.