Baltimore Reclaims Its Charm
ByEmployment growth, coupled with the metro’s relatively affordable rental rates, should generate a solid absorption of the new apartment units coming online this year.
Baltimore’s multifamily market remains tepid, despite the continuing revival of downtown and surrounding areas. The metro is steadily overcoming decades of decline in blue-collar industries and population loss. It does, however, benefit from the proximity of Washington, D.C.’s less affordable market, where both renters and investors are slowly being priced out.
Demand has accelerated, due to employment rebounding in sectors such as education, health care, professional services and government. The largest increase in college-educated young professionals fueled substantial job migration, resulting in a shift from Washington, D.C., and other Mid-Atlantic employment hubs. In order to encourage growth, local authorities have committed to upgrading the infrastructure with new urban renewal projects. One is the $700 million Creating Opportunities for Renewal and Enterprise (CORE) initiative, which demolishes vacant city properties and replaces them with new developments…
