{"id":1004171918,"date":"2017-04-25T00:55:41","date_gmt":"2017-04-25T08:55:41","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004171918"},"modified":"2025-02-26T23:26:01","modified_gmt":"2025-02-27T07:26:01","slug":"baltimore-reclaims-its-charm","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/baltimore-reclaims-its-charm\/","title":{"rendered":"Baltimore Reclaims Its Charm"},"content":{"rendered":"<p>By Evelina Croitoru<\/p>\n<div id=\"attachment_1004171922\" style=\"width: 410px\" class=\"wp-caption alignright\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004171922\" data-attachment-id=\"1004171922\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/baltimore-reclaims-its-charm\/baltimore-3\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/04\/baltimore.jpg\" data-orig-size=\"1465,618\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;Alexandra Efrimov&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;1491560744&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;Baltimore rent evolution, click to enlarge&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/04\/baltimore.jpg?w=1024\" class=\"wp-image-1004171922\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/04\/baltimore.jpg\" alt=\"Baltimore rent evolution, click to enlarge\" width=\"400\" height=\"169\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/04\/baltimore.jpg 1465w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/04\/baltimore.jpg?resize=300,127 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/04\/baltimore.jpg?resize=768,324 768w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/04\/baltimore.jpg?resize=1024,432 1024w\" sizes=\"auto, (max-width: 400px) 100vw, 400px\" \/><p id=\"caption-attachment-1004171922\" class=\"wp-caption-text\">Baltimore rent evolution, click to enlarge<\/p><\/div>\n<p>Baltimore\u2019s 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.\u2019s less affordable market, where both renters and investors are slowly being priced out.<\/p>\n<p>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.<\/p>\n<p>Baltimore\u2019s recent job gains, along with its relatively affordable rental rates, should provide solid absorption in the coming months. As a result, development activity continues to be strong, as reflected by the 29,000 units in various phases of construction. The metro exceeded last year\u2019s transaction volume of $1.4 billion, marking a new cycle high. We expect continued moderate rent appreciation of 1.7 percent in 2017.<\/p>\n<p>Read the full <a href=\"https:\/\/www.yardimatrix.com\/Media\/Downloads\/File\/217-Baltimore-Spring2017Outlook?utm_medium=Research-Center&amp;utm_source=MHN-CPE&amp;utm_campaign=217-Baltimore-Spring2017Outlook\" target=\"_blank\" rel=\"noopener noreferrer\">Yardi Matrix report<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Employment growth, coupled with the metro\u2019s relatively affordable rental rates, should generate a solid absorption of the new apartment units coming online this year.<\/p>\n","protected":false},"author":1055,"featured_media":1004171923,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[37769,1579,21808,11,21742,37795],"tags":[],"class_list":["post-1004171918","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-rc-absorption","category-baltimore","category-featured","category-midatlantic","category-latest","category-rc-occupancy"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - 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