the zenith - one of downtown's newest appartment buildings (photo by mitro hood)The national housing slowdown hasn't hurt residential growth here in Downtown. We gained roughly 1,000 new residents last year, and we predict that number will grow this year.
Demand for apartments, in particular, is very strong. Many buildings are currently 100% leased, and new properties just hitting the market are leasing fast.
According to an article by Aaron Cahall in today's Baltimore Examiner, last month 148 rentals listed through a multiple listing service were leased - up 180% over June of 2007.
This makes sense. Typically, rentals increase when it's tough going in the "for sale" market. Like squeezing a balloon, if things tighten on one end, they'll expand on the other.
We anticipate demand to continue to be strong and are keeping our eye on the supply of apartments. With existing buildings close to full occupancy there should to be new properties hitting the market. But, as we document in our 2007 / 2008 State of Downtown Report, there isn't a lot of new housing construction in the pipeline right now.
-Mike Evitts
