Baltimore Multifamily Rent Trends

 

Baltimore's rent growth of more than 3% has been very impressive and was near the top of the 54 markets measured by PPR for 2010. Projected year over year rent growth is 3.5% through 2011, 3.4% in 2012, surging to 5.1% in 2013 and continuing through 2015, per PPR data. That impressive rent growth is a result of the Baltimore region's population increase due to job growth, coupled with the area's job market suffering less than national averages during the downtown. Also driving rents upward is the reduction in rent concessions. According to Axiometrics, concessions peaked in February 2009 at 5.1% of asking rent and had tumbled to 1.7% of asking rent by June 2011. 

Source; Justin Verner; Sperry Van Ness|RealSite Commercial Group Advisor