Key Takeaways:
Southern Maryland’s multifamily market experienced a surge in new supply in 2025, reaching its highest level in more than 20 years. Development activity has been driven by sustained population growth across the tri-county region, with Charles, Calvert, and St. Mary’s Counties adding more than 12,000 residents since 2021, representing a 3.3% increase.
Charles County remains the focal point of development, with more than 1,000 multifamily units delivered since the start of 2024 and an additional 300 units currently under construction. Despite the increase in supply, new deliveries have been largely absorbed, reflecting the region’s underlying demand strength.
Steady renter demand and tight vacancy conditions have pushed average asking rents to nearly $2,000 as of Q4 2025. Over the past five years, average annual rent growth has exceeded 3%, consistently outperforming nearby markets such as Prince George’s and Montgomery Counties.
