For those of us who remember the frenetic conversion of apartment buildings into condominiums during the real estate boom, it may feel strange to see so much apartment construction activity these days. According to the Maryland Department of Housing and Development, permits for multifamily projects rose an impressive 63.7 percent from January to February. From 2013, the increase of 394.5 percent was mindboggling. The national numbers were good, but they did not come near Maryland's: 28.6 percent month-over-month and 23.8 percent year-over-year.
The trend is illustrated by recent headlines from Baltimore. After a wave of construction last year, development of new projects will slow. As those apartments are leased, though, demand will increase; construction should pick up again soon.
It's important to remember that any slowdown in construction is likely a lull rather than a sign of stagnancy. Developers are planning another 1,800 units at least for Baltimore, with more than half of those downtown.