Baltimore, MD Multifamily Market Report | Yardi Matrix | Q4 2025

Market Overview

Baltimore absorbed nearly 8,000 new units over the prior two years heading into Q4 2025, and the effect on rents was modest. Asking rents edged down just 0.1% on a trailing three-month basis through October to $1,752, while occupancy in stabilized assets held at 95.0% in September, 30 basis points above the national average. Developers completed 2,972 units through October, roughly in line with the prior year. Employment growth slowed to 0.2% through August, trailing the national rate, with the metro posting a net loss of 4,400 jobs over 12 months. Investment transactions reached $392 million, continuing a downward trend, though major infrastructure commitments, including the Francis Scott Key Bridge replacement and the Red Line Light Rail corridor, point to long-term structural investment in the region.

About Yardi Matrix

Yardi Matrix is a national commercial real estate data and analytics firm serving investors, developers, and property managers across asset classes. Their Baltimore December 2025 multifamily market report covers asking rents, occupancy, construction activity, and investment volume to help owners and investors assess market conditions. To read the full report, click here.