Baltimore’s rental market in Q4 2024 showed signs of stabilization, with rents largely holding steady, modest shifts in listing availability, and a seasonal slowdown in leasing activity. Single-family rental listings declined, while multifamily and smaller-unit inventory saw slight increases, reflecting shifting renter demand. Days on market rose, aligning more closely with national trends, and landlords offered more concessions (21%), though still below the national average. Property managers overwhelmingly expect rents to remain stable (73%) in the coming months, with leasing activity showing no significant shifts. Overall, Baltimore’s rental market appears balanced heading into 2025, with landlords adjusting strategies to maintain occupancy.
We asked property managers in the Baltimore area for insights into the market.
Key Takeaway: Most Baltimore property managers expect rents to remain stable over the next six months. Additionally, leasing activity appears steady, with 63% reporting no change in applicant volume.
Data Summary:
Data Summary:
Deeper Dive: Baltimore property managers largely expect rental prices to hold steady into 2025, with only a minority (23%) foreseeing increases and very few anticipating declines. This aligns with recent rental price stability in the market and suggests a balanced supply-demand dynamic. Additionally, leasing activity appears consistent, with most managers reporting no major shifts in application volume. While a small percentage are seeing more or fewer applications, the majority (63%) indicate steady demand, reinforcing the notion that Baltimore’s rental market is entering a period of relative stability heading into the new year.
Key Takeaway: The percentage of Baltimore rental listings offering concessions rose to 21% in Q4 2024, continuing an upward trend but still remaining below the national average of 28%.
Data Summary:
Deeper Dive: In Q4 2024, concessions in Baltimore’s rental market increased to 21%, reflecting a more competitive leasing environment as landlords respond to seasonal demand shifts and longer days on market. While still below the national average of 28%, the rise suggests that property owners are adjusting strategies to attract tenants, particularly as rents stabilize and leasing timelines extend. If this trend continues into 2025, renters may find more negotiating power, while landlords may need to rely on additional incentives to maintain occupancy rates.
Key Takeaway: Baltimore’s days on market increased in Q4 2024 for both single-family (26 days) and multifamily rentals (25 days), reflecting a seasonal slowdown and aligning more closely with national trends.
Data Summary:
Deeper Dive: In Q4 2024, Baltimore’s rental market experienced longer listing times, with both single-family and multifamily properties staying on the market three to fours days longer than in Q3. This seasonal slowdown aligns with national trends, where cooler months typically see less leasing activity. While Baltimore’s single-family rentals (26 days) are now closer to the national average (24 days), multifamily rentals (25 days) continue to move slightly faster than the national rate (26 days). The increase in DOM suggests renters may be taking longer to secure leases, possibly due to stabilized rents or shifting demand patterns heading into 2025.
Key Takeaway: Rental prices in Baltimore remained stable in Q4 2024, with multifamily, one-bedroom, two-bedroom, and single-family rents holding steady, while three-bedroom units saw a slight increase.
Data Summary:
Deeper Dive: Baltimore’s rental market in Q4 2024 saw stability across most property types, with one-bedroom, two-bedroom, and single-family rents holding firm after gradual increases earlier in the year. The only notable price movement was a slight uptick in three-bedroom rents (+$25), possibly reflecting higher demand for larger units amid tightening inventory. Multifamily rents edged up just slightly, continuing a modest yearlong upward trend.
Key Takeaway: Baltimore’s rental inventory saw a stabilization in Q4 2024 after notable fluctuations throughout the year.
Data Summary:
Deeper Dive: In Q4 2024, Baltimore’s rental market showed signs of stabilization, with modest increases in multifamily and smaller-unit listings, while single-family rentals continued to decline (-6.5%) for the second straight quarter. The rise in one-bedroom (+3.3%) and multifamily (+2.0%) listings suggests stronger availability in more affordable rental segments, likely driven by shifting renter demand. Meanwhile, the ongoing drop in single-family listings signals tightening supply, possibly due to higher lease-up rates or owners exiting the rental market.
Rental data used in this report are sourced and catalogued directly by Rental Beast, unless otherwise noted. Rental Beast listing data covers a range of rental property types and owner types operating within the long-term rental market (generally considered to be leases with a minimum of three months). Single-family rentals (SFR) are considered to be properties with 4 or fewer units. Multifamily (MF) is more than 4 doors. Unless otherwise noted, our analysis uses the Baltimore-Columbia-Towson, MD, metropolitan statistical area (MSA) as the geographical unit.
Unique listings counts are based on rentals that were on-market at any point during the stated period. Rents are calculated based on these listings. Days on market (DOM) and concession analysis are based on these listings, with some data sources excluded due to DOM and concession info being unavailable or deemed to be unreliable. Concessions are incentives that entice renters to sign a lease (e.g., one month free, a gift card, etc.).
Our sentiment survey is based on phone conversations during Q4 2024 with rental building and community managers and property managers. Questions and answer choices:
DISCLAIMER. This report attempts to provide reliable and useful information; however, there is no guarantee that the information or other content in this document is accurate, current or suitable for any particular purpose. All content is subject to change without notice. All content is provided on an “as is” basis, with no warranties of any kind whatsoever. Rental data used in this report are sourced and catalogued directly by Rental Beast, unless otherwise noted. Our analysis uses MSA as the geographical unit and is not reflective of all-U.S. measures. Information from this document may be used with proper attribution.
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