Where is Baltimore on the Cycle of Reason?

[Sam Henry]

I am a Baltimore, MD native and I invest in my own backyard. Fortunately, the numbers make sense here. From what I've observed, the market for 1-4 unit rentals is great! However, I've begun to set my sights on larger multifamily deals (20 - 50 units).

One of the resources that I've recently picked up to help educate myself on the apartment game is the "The Apartment Consultant eBook" by Peter Harris. In it he stresses the importance of knowing where your market is in the cycle.

I'd like to get a consensus from other Baltimore investors. Where do you think Baltimore City currently falls on Peter's "Real Estate Cycle of Reason" (pictured below)?