Key Takeaways:
Steady population growth has anchored absorption, with the tri-county area adding more than 12,000 new residents since 2021, a 3.3% increase. Overall vacancies have declined by more than 150 basis points year-over-year.
Construction activity remains concentrated in Charles County, which accounted for all new deliveries and pipeline units during the past year. As of 25Q1, just shy of 575 units are under construction, and more than 700 units have been delivered since the start of 2024.
Strong fundamentals have pushed average asking rents to $2,000 in Q1 2025. Annual rent gains have exceeded 3.5% for three consecutive years, consistently outpacing those of nearby markets, such as Prince George’s and Montgomery Counties.
