Multifamily operators across the country have enjoyed a long stretch of heightened rent growth for the better part of the pandemic, influenced by renters’ difficulty in finding apartments with vacancies near historic lows. However, some parts of the country have fared better than others, similarly to the performance of different counties within the Baltimore Metro.
Since the pandemic’s start, southern markets like Atlanta, Nashville, and Austin, as well as many secondary markets like Baltimore and Richmond, have seen the highest rent increases. On the other hand, gateway cities like Boston, New York, and D.C. have struggled due to the impact of remote work and its negative effect on demand in many downtown areas.
Asking rents in Baltimore have increased by more than 19% since the first quarter of 2020, just above the national average of 17.3%. This exceeds many major markets like Philadelphia, Boston, Pittsburgh, D.C., and New York.
