Baltimore Class A apartment rents climb

Class A apartment rents in Baltimore have increased.

The Baltimore apartment market has witnessed a significant improvement from its Class A buildings, according to a report from Delta Associates.

Property management companies witnessed the effective rents for these properties in the metropolitan statistical area increase 5.7 percent in the past year. This brought the total figure to approximately $1,450 per month, The Baltimore Sun reported, citing the report's findings.

In addition, the city proper had its effective rent rate rise 6.7 percent, which was much higher than the figures recorded over the past several years. The effective rent rate in the Baltimore suburbs increased 3.5 percent, which was close to the usual average, the report said.

"Healthy job growth and a limited supply in recent quarters have led to healthy rent growth and low vacancy in the Baltimore area," the company said, according to the news source.

The report added that even with improved employment growth, increased construction has occurred, which will force vacancies to experience a minor rise, while rent growth levels off in the next two years.

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