An Update on Baltimore County’s Multifamily Market
Multifamily Market in Minutes
Multifamily Market in Minutes is a brief overview of key trends and figures related to commercial investments in Baltimore. Three figures to know thus far in 2023 are:
$172.6 Million YTD = Total Sales Volume in 2023
In Baltimore County, more than $170 million in total multifamily sales volume has transacted in 2023, a significant decrease in deal activity from the previous five-year average of $930 million annually. Despite this drop, investor interest remains strong, especially for assets strategically located near transit.
26 Units = Total Units Under Construction in Baltimore County
Multifamily construction in Baltimore County has slowed to a halt in 2023. Less than 50 units are currently under construction, the lowest total in over 20 years. This could benefit apartment landlords in the county as renters will likely continue renting in the near term.
6.75% = Stabilized Vacancy Rate
Stabilized properties have vacancy rates of less than 7% and have started to stabilize for the first time since 2021. Renter demand picked up over the summer months, and thanks to the slowdown in overall construction, vacancies could begin to fall.
