Baltimore City’s total population increased for the first time in over a decade, adding more than 750 residents in 2024, according to recent data from the U.S. Census Bureau. Domestic migration—or residents leaving the city—slowed significantly. This trend is likely influenced by a challenging single-family market, which is expected to persist through the summer as the Federal Reserve holds interest rates steady amid ongoing economic uncertainty. This environment supports multifamily demand, especially as new development slows, contributing to rent growth.
The Baltimore metro area added over 11,000 residents in 2024, marking continued population growth across the region. Baltimore County led the metro’s growth, adding nearly 3,750 residents—about one-third of the region’s total gain—its first population increase since 2020.
Other suburban counties also expanded, reinforcing the shift toward outlying areas. Anne Arundel County (+2,385) benefited from a strong job market and its central location, while Howard County (+2,327) continued to attract residents with top-ranked schools and economic stability. Queen Anne’s County added over 1,000 residents, reflecting growing demand for suburban and exurban living.
Source: Census Bureau
The question now is whether this upward population trend will continue in Baltimore City. Recent data from CoStar suggests this growth could persist through 2025. As of this article, just over 1,000 units of apartment absorption—or net move-ins—occurred in the first quarter of the year across the metro. This marks the eighth consecutive quarter of positive absorption, a strong indicator of population-driven rental demand. Notably, roughly half of these move-ins occurred within Baltimore City, reinforcing the broader trend of renewed urban interest and demand for multifamily housing.
Source: CoStar