Baltimore Apartment Snapshot

Local Economic Snapshot 

The Baltimore Metro area's economy continues to lean on the defense, health sciences, education and government sectors. Fortunately, those are industries that tend to hold relatively steady in economic downturns. The December metropolitan area unemployment rate of 7.6% is tracking much lower than the national average of 9.4%. Factors negatively affecting the local economy are the region's above average cost of business and living costs along with decline in old-line manufacturing. The multifamily sector of commerical real estate reacts faster to market changes than other major segments. That can be mostly be attributed to the shorter lease terms of apartment rentals. 

Baltimore Metro's Top Five Employers

- Fort Meade
- Johns Hopkins University
- MedStar Health
- Johns Hopkins Health System
- Aberdeen Proving Group  

Baltimore Apartment Fundamentals 

The Baltimore Metro area, as of Q3 2010,  had a multifamily vacancy rate of 5.3%, which is 1% lower than the prior quarter. That rate compares very favorably to the U.S average of 7.1%. The latter part of 2010 is bringing the area its first signs of positive rent growth in a couple years. Through the first three quarters of 2010, YTD rent growth through Q3 2010 was .04%. Even that modest growth shows signs of rent stabilization and looks to further growth moving forward. 

Central Baltimore City Avg Rents

Studio

$735

1 BR

$1,036

2BR

$1,295