Baltimore Multifamily Market Report

Slowdown in new supply helps contain vacancy. Baltimore will receive 1,000 fewer units this year compared to the trailing decade average. This dynamic will partially offset headwinds tied to notable job losses last year and continued net out-migration. These factors are affecting Class A rentals most, with vacancy up 40 basis points year-over-year in March to 5.1 percent, while Class C vacancy fell 90 basis points to 4.2 percent. Changes in the average rent tell a similar story, as Class A rents remained mostly flat during the period. These trends should carry through the rest of 2026, though improvements in Class A fundamentals may also depend on a broader labor market recovery in the metro.