{"id":1050,"date":"2021-05-21T10:53:05","date_gmt":"2021-05-21T10:53:05","guid":{"rendered":"https:\/\/www.yardimatrix.com\/blog\/?p=1050"},"modified":"2023-09-12T15:15:16","modified_gmt":"2023-09-12T15:15:16","slug":"st-louis-multifamily-market-report-spring-2021","status":"publish","type":"post","link":"https:\/\/www.yardimatrix.com\/blog\/st-louis-multifamily-market-report-spring-2021\/","title":{"rendered":"St. Louis Multifamily Market Report &#8211; Spring 2021"},"content":{"rendered":"\n<h2 class=\"wp-block-heading\">Robust Supply Will Likely Outpace Demand<\/h2>\n\n\n\n<p>St. Louis sustained minor damage from the pandemic compared to the national economy, but signs suggest its rebound will unfold more slowly. Its <strong><a href=\"https:\/\/www.yardimatrix.com\/blog\/tag\/st-louis-housing-trends\/\" target=\"_blank\" rel=\"noreferrer noopener\">multifamily market<\/a><\/strong> responded proportionally\u2014rent growth softened, marking a 0.1% uptick on a trailing three-month basis through March to $1,003, while the U.S. average rose 0.3% to $1,407. Demand has kept up with the elevated supply so far, but the metro\u2019s shrinking population will likely continue to moderate rent growth.<\/p>\n\n\n\n<p>The unemployment rate dropped to 5.5% in January, with February preliminary data pointing to 5.1%. The employment market slid 5.3% in 2020, outperforming the -6.8% U.S. rate. However, St. Louis continues to experience a shortage of workers with knowledge and skills and this could hinder growth in the long run. An indicator of this deficiency is the performance of the local economy. Only one sector gained jobs\u2014other services\u2014up by 3.9% during the period. Financial activities and mining, logging and construction remained flat.<\/p>\n\n\n\n<p>Developers had 4,491 units under construction and 401 newly delivered as of March. Meanwhile, transaction activity amounted to $175 million, for a price per unit that appreciated by 26.3% year-over-year through March, to $148,386, marking a new high.<\/p>\n\n\n\n<p>Read the full <strong><a href=\"https:\/\/www.yardimatrix.com\/publications\/download\/file\/1257-MatrixMultifamilyStLouisReport-Spring2021?utm_source=Matrix-Blog&amp;utm_medium=Social\">Matrix Multifamily St<\/a><a href=\"https:\/\/www.yardimatrix.com\/publications\/download\/file\/1257-MatrixMultifamilyStLouisReport-Spring2021?utm_source=Matrix-Blog&amp;utm_medium=Social\" target=\"_blank\" rel=\"noreferrer noopener\"> <\/a><a href=\"https:\/\/www.yardimatrix.com\/publications\/download\/file\/1257-MatrixMultifamilyStLouisReport-Spring2021?utm_source=Matrix-Blog&amp;utm_medium=Social\">Louis Report-Spring 2021<\/a><\/strong><\/p>\n\n\n\n<div style=\"height:45px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Robust Supply Will Likely Outpace Demand St. Louis sustained minor damage from the pandemic compared to the national economy, but signs suggest its rebound will unfold more slowly. Its multifamily market responded proportionally\u2014rent growth softened, marking a 0.1% uptick on a trailing three-month basis through March to $1,003, while the U.S. average rose 0.3% to [&hellip;]<\/p>\n","protected":false},"author":650,"featured_media":1051,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[12,5,4],"tags":[221,128],"class_list":["post-1050","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-metro-reports","category-multifamily-market","category-real-estate-trends","tag-multifamily-outlook-2021","tag-st-louis"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>St. Louis Multifamily Market Report - Spring 2021 - Yardi Matrix Blog<\/title>\n<meta name=\"description\" content=\"Rent growth in St. Louis moderated, rising 0.1% on a trailing three-month basis through March to $1,003.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.yardimatrix.com\/blog\/st-louis-multifamily-market-report-spring-2021\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"St. Louis Multifamily Market Report - Spring 2021\" \/>\n<meta property=\"og:description\" content=\"Rent growth in St. Louis moderated, rising 0.1% on a trailing three-month basis through March to $1,003.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.yardimatrix.com\/blog\/st-louis-multifamily-market-report-spring-2021\/\" \/>\n<meta property=\"og:site_name\" content=\"Yardi Matrix Blog\" \/>\n<meta property=\"article:published_time\" content=\"2021-05-21T10:53:05+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-09-12T15:15:16+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.yardimatrix.com\/blog\/wp-content\/uploads\/sites\/39\/2021\/05\/St-Louis-Matrix-Report-iStock-1222438444.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"628\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"lilianam\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Anca Gagiuc\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"St. Louis Multifamily Market Report - Spring 2021 - Yardi Matrix Blog","description":"Rent growth in St. Louis moderated, rising 0.1% on a trailing three-month basis through March to $1,003.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.yardimatrix.com\/blog\/st-louis-multifamily-market-report-spring-2021\/","og_locale":"en_US","og_type":"article","og_title":"St. Louis Multifamily Market Report - Spring 2021","og_description":"Rent growth in St. Louis moderated, rising 0.1% on a trailing three-month basis through March to $1,003.","og_url":"https:\/\/www.yardimatrix.com\/blog\/st-louis-multifamily-market-report-spring-2021\/","og_site_name":"Yardi Matrix Blog","article_published_time":"2021-05-21T10:53:05+00:00","article_modified_time":"2023-09-12T15:15:16+00:00","og_image":[{"width":1200,"height":628,"url":"https:\/\/www.yardimatrix.com\/blog\/wp-content\/uploads\/sites\/39\/2021\/05\/St-Louis-Matrix-Report-iStock-1222438444.jpg","type":"image\/jpeg"}],"author":"lilianam","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Anca Gagiuc","Est. reading time":"1 minute"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.yardimatrix.com\/blog\/st-louis-multifamily-market-report-spring-2021\/#article","isPartOf":{"@id":"https:\/\/www.yardimatrix.com\/blog\/st-louis-multifamily-market-report-spring-2021\/"},"author":{"name":"lilianam","@id":"https:\/\/www.yardimatrix.com\/blog\/#\/schema\/person\/877efe30f5be34ed3f8b5f334c96a8e0"},"headline":"St. Louis Multifamily Market Report &#8211; 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