Baltimore Metro Multifamily: 2023 Review and 2024 Outlook

 
 

Key takeaways:

  • Rent growth in Baltimore outpaced fast-growing markets like Miami, Nashville, Phoenix, and Raleigh. Renter demand saw a noticeable uptick during the 2023 leasing season, and that momentum carried over into the winter months as well.

  • Multifamily investment in Baltimore is expected to increase in 2024, as a stable interest rate environment should push more deals to the finish line. The Federal Reserve has indicated multiple rate cuts are on the docket for this year and even more in 2025, thanks to easing inflation.

  • Loan maturities will remain the focus as many short-term loans acquired during the pandemic featured ultra-low interest rates. These owners are now faced with a higher cost of capital, making refinancing more difficult and resulting in more sales. The bid-ask spread will likely narrow, and more buyers can return to the market as the interest rate volatility in previous years lessens.

 
 
Harbor Stone Advisors