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Ground Up

The Daily Record's real estate blog

Report: Baltimore apartment rent growth weak

 

Baltimore’s apartment rent growth in August was among the weakest in the nation, according to RentCafe.

Charm City was among the slowest markets among big cities in terms of rent growth last month, according to the website that aims to help renters find apartments. But the city, according to data from Yardi Matrix, was in good company along with Manhattan, Philadelphia and Washington.

But even compared to cities with similar demographics, as demonstrated in the graph above, Baltimore’s rent growth lagged. Nationally, RentCafe found that rents increased by 3.1 percent as fewer apartments are expected to be delivered this year.

In Baltimore there’s been a steady supply of new units in the pipeline with projects like the 44-story 414 Light St. project, and mixed use 1 St. Paul St. coming online.

Rents in the city did increase in August compared to July and the previous year. The boost, however, just didn’t keep pace with the average growth the website found in the 252 largest markets in the nation.

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