Key Takeaways:

  • Leasing momentum continues: Baltimore City experienced strong renter demand in Q2 2025, with overall vacancy dropping 80 basis points since the start of the year. Steady job growth has helped sustain apartment demand despite economic uncertainty.
  • New supply remains limited: Just over 300 units were delivered in the first half of the year. Rising costs and tighter financing have caused developers to scale back, resulting in one of the smallest development pipelines the city has seen in years.
  • Vacancy improves across asset types: Demand is outpacing new deliveries, leading to continued declines in vacancy. Lease-up Class A buildings are offering concessions, while workforce and Section 8 properties are seeing stronger occupancy.