Baltimore apartment operators recently pushed rents a little more aggressively as new supply levels eased. Over much of the past three years, annual rent growth levels in Baltimore remained around 1% to 1.5%. However, in the year-ending 1st quarter 2019, rent growth measured 2.5%, above the three-year average of 1.6%. That recent rent growth level matched the increase in 4th quarter 2017 as the market’s best annual performance over the past three years. The improvement in rent growth came as the flow of new supply subsided. Over the past year, a total of 2,398 units came online. That completion volume was down from the all-time high realized just three quarters ago, when the market saw roughly 4,400 units deliver. Meanwhile, occupancy remains solid, with a 1st quarter 2019 reading of 94.9%, above the three-year average of 94.5%.
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