Key Takeaways:
- Strengthening Fundamentals: Demand outpaced deliveries for a second consecutive year, and with new supply running well below recent highs, overall vacancy declined approximately 100 basis points year-over-year as Baltimore’s restrained pipeline supported improving occupancy.
- Positive Rent Growth: Rents increased 0.7% year-over-year, outperforming the national average (~0.3%), as landlords prioritized occupancy and retention amid limited new supply.
- Construction Pipeline Remains Low: Multifamily construction activity remains near decade-lows, leaving the development pipeline at a historically small share of total inventory at just over 2%.
