While there was a decrease in the volume of rental community transactions in the first half of 2023, totaling $235 million, this can be attributed to a high benchmark set in the previous year when $1.1 billion worth of assets changed hands. However, it's essential to highlight that completions have seen a sharp increase, with 1,275 units delivered in 2023 through June, a 22 percent increase from the previous year. Additionally, 12 projects broke ground, comprising 2,346 units. This marks a substantial jump from 2022 when work began on only 630 apartments during the same period.

In conclusion, the Baltimore multifamily market is in a state of recovery, with positive indicators such as rising rents, stabilizing occupancy rates, and a resilient economy. As the city continues to attract investments and major developments, it remains an area of interest for real estate professionals and investors looking to capitalize on its potential.

Read the full Yardi Matrix Baltimore Multifamily Market report.