Key Takeaways:
- Baltimore County’s multifamily market is experiencing low construction activity, with just under 240 units delivered since 2022. This trend is expected to persist in the near term, as elevated interest rates and stringent lending conditions have slowed new construction starts. With fewer than 350 units currently in development, supply-side pressure will remain minimal, favoring landlords.
- Baltimore County is on track to create 1,000 affordable housing units by 2028, with 754 units already approved. Recent projects include Prescott Square Apartments, a 77-unit garden community in Pikesville, Baltimore County, which sold in May 2024 for $10.1 million.
- Towson experienced an influx of market-rate and student housing development in 2020 and 2021 when nearly 1,300 units were delivered. The continued growth of Towson University is the primary driver of construction, representing roughly 700 units or 55% of the units delivered during that time. The university has seen a steady increase in enrollment, with the largest incoming first-year class last year.
