Baltimore is seeing a fresh wave of momentum marked by strategic investment and a renewed commitment to revitalization. Long known as a city of resilience, creativity, and community spirit, the region is already seeing positive changes following recent investments.
Population growth has returned, public safety is improving, and despite broader economic headwinds, several of Baltimore’s key industries continue to expand. This has led to stronger demand in the multifamily market, with overall vacancies declining throughout 2025.
Population Increases
Baltimore is entering a promising new chapter marked by population growth, revitalization, and economic momentum. After over a decade of steady decline, the city reversed course in 2024, adding over 750 residents. Regionally, the Baltimore metropolitan area grew by more than 10,000 residents in 2024.
Baltimore County led the metro’s growth, adding nearly 3,750 residents. This accounted for roughly one-third of the region’s total increase and marked the county’s first population gain since 2020. Growth extended across other suburban counties as well. Anne Arundel County added 2,385 residents, Howard County grew by 2,327, and Queen Anne’s County welcomed more than 1,000 new residents.
Plummeting Crime Rates
Public safety continues to be a top priority for city leadership. Notably, Mayor Scott’s proposed budget for FY 2026 earmarks $1.6 billion for public safety, underscoring the city’s commitment to crime reduction and investing in neighborhoods.
The investment is paying off, as Baltimore is experiencing historic drops in violent crime. Violent crime has decreased for three consecutive years, marking some of the lowest rates in recorded history.
Source: Baltimore Police Department
Scott noted, “This is progress, but we aren’t stopping to celebrate … we will continue to use all tools at our disposal to prevent violence, Baltimore deserves nothing less”.
Employment on the Rise in Key Sectors
Despite recent economic turbulence, Baltimore’s major industries continued to expand into 2025, with many keeping pace with the national average. As of March 2025, the education and health services sector experienced robust growth of over 3%, adding nearly 9,000 jobs over the past year. Other sectors also posted gains, with government employment rising by 0.95% year-over-year, financial activities increasing by 0.9%, and manufacturing showing a modest uptick of 0.7%.
Source: BLS
Unemployment in Baltimore remains low at just over 3% at the start of 2025, reflecting a competitive and resilient labor market.
Several major companies are doubling down on Baltimore with long-term investments. T. Rowe Price and Under Armour both opened new multi-million-dollar corporate headquarters, reinforcing their continued commitment to the city and generating hundreds of new jobs.
Under Armour’s New Headquarters, located in South Baltimore
Image Credit: Birdair
Impact on Baltimore’s Multifamily Market
As employment opportunities increase and crime rates decline, demand for apartments is rising. Occupancies for multifamily properties have increased more than 30 basis points in 2025, as net absorption (move-ins minus move-outs) in the first quarter surpassed 1,000 for only the second time since 2021. With development expected to remain limited for the foreseeable future, these positive trends are likely to persist.