Harbor Stone Advisors appreciates the opportunity to work with our clients, the investment community, and all those involved in helping bring our transactions to a successful close.
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Baltimore City’s population has seen consistent declines in the past decade. According to the Census, overall growth from 2010 to 2020 has decreased by 5.7%.
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Growth in asking rents in multifamily properties across the Baltimore MSA (metropolitan statistical area) has continued to decelerate in the 4th quarter of 2022. Rent increases typically decelerate during the later months of the year, as many households tend to move during the warmer seasons. This year, rent declines are also compounded by the economic slowdown as interest rates remain elevated, and job growth slows.
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As the percentage of remote work rises around the country and in Baltimore, the office market continues to soften. Vacancies are rising in the Baltimore metropolitan statistical area (MSA) and are now at the highest levels since 2014. With roughly 17.5 million square feet of vacant space, rates in Baltimore sit at 11.5%, just below the national average of 12.5%.
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The Baltimore metropolitan statistical area (MSA) saw a slight uptick in the unemployment rate in August 2022, according to the Bureau of Labor Statistics. This is the first unemployment increase since August of last year, and the current rate sits at 4.3%.
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Baltimore’s multifamily investment market has shown resilience despite the continued rise in interest rates and inflation pressures. As the third quarter comes to a close, more than $1.8 billion in sales have been recorded this year in the Baltimore MSA, surpassing the 5-year average for the first three quarters, according to CoStar.
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The Harbor East and Fells Point neighborhoods are the most expensive in Baltimore City, yielding asking rents of $2,750 and $2,550 per month, respectively.
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Homeownership has increasingly become more difficult in the past year as inflation soars and mortgage rates tick up. Single-family housing prices in the Baltimore MSA have increased nearly 30% since the pandemic's beginning, making affordability a significant concern. As prices remain elevated and the cost of capital continues to rise, buyer demand for single-family homes has steadily decreased.
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