{"id":5095,"date":"2022-11-28T10:20:56","date_gmt":"2022-11-28T10:20:56","guid":{"rendered":"https:\/\/www.yardimatrix.com\/blog\/?p=5095"},"modified":"2023-09-13T04:51:57","modified_gmt":"2023-09-13T04:51:57","slug":"st-louis-multifamily-market-report-october-2022","status":"publish","type":"post","link":"https:\/\/www.yardimatrix.com\/blog\/st-louis-multifamily-market-report-october-2022\/","title":{"rendered":"St. Louis Multifamily Market Report \u2013 October 2022"},"content":{"rendered":"\n<h2 class=\"wp-block-heading\">St. Louis Sees Steady but Slow Progress<\/h2>\n\n\n\n<p>Recovery has been slower in St. Louis, as the metro significantly lags its pre-pandemic metrics. But <strong>the St. Louis multifamily market has its bright spots<\/strong>\u2014rent gains surpassed the national rate for the first time in 20 months, up 0.8% on a trailing three-month basis as of August, to $1,174, making the metro one of the most affordable in the country. The occupancy rate in stabilized properties kept up with robust supply additions and inched up 10 basis points in the 12 months ending in July, to 95.6%.<br><br>The unemployment rate clocked in at 3.2% in July, 40 basis points higher than the June figure, but <strong>outperformed Illinois (4.4%) and the U.S. (3.5%)<\/strong>, according to preliminary data from the Bureau of Labor Statistics. The employment market advanced 2.3% year-over-year as of June, continuing a softening trend that began in September 2021. Three sectors lost jobs\u2014government, education and health services, and financial activities. Professional and business services led gains, followed by the steady rebound of the leisure and hospitality sector. Good news could be coming from the Mississippi River\u2019s shore, as several redevelopment plans are being explored.<br><br>Developers delivered 858 units through August, <strong>marking a softening from a year ago<\/strong>, and had another 6,111 units under construction. Mirroring the national trend, investment activity also softened, with sales volume totaling $642 million through August. The price per unit rose 26.7% this year, to $171,661.<\/p>\n\n\n\n<p>Read the full <strong><a href=\"https:\/\/www.yardimatrix.com\/publications\/download\/file\/2945-MatrixMultifamilyStLouisReport-October2022\">Matrix Multifamily St Louis Report-October 2022<\/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>St. Louis Sees Steady but Slow Progress Recovery has been slower in St. Louis, as the metro significantly lags its pre-pandemic metrics. But the St. Louis multifamily market has its bright spots\u2014rent gains surpassed the national rate for the first time in 20 months, up 0.8% on a trailing three-month basis as of August, to [&hellip;]<\/p>\n","protected":false},"author":753,"featured_media":5096,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[12,5,4],"tags":[444,128],"class_list":["post-5095","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-metro-reports","category-multifamily-market","category-real-estate-trends","tag-multifamily-outlook-2022","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 \u2013 October 2022 - Yardi Matrix Blog<\/title>\n<meta name=\"description\" content=\"St. Louis rents rose 0.8% on a T3 basis through August, outperforming the U.S. rate for the first time in 20 months.\" \/>\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-october-2022\/\" \/>\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 \u2013 October 2022\" \/>\n<meta property=\"og:description\" content=\"St. Louis rents rose 0.8% on a T3 basis through August, outperforming the U.S. rate for the first time in 20 months.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.yardimatrix.com\/blog\/st-louis-multifamily-market-report-october-2022\/\" \/>\n<meta property=\"og:site_name\" content=\"Yardi Matrix Blog\" \/>\n<meta property=\"article:published_time\" content=\"2022-11-28T10:20:56+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-09-13T04:51:57+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.yardimatrix.com\/blog\/wp-content\/uploads\/sites\/39\/2022\/11\/St-Louis-iStock-1348570949.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=\"Razvan Cimpean\" \/>\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=\"2 minutes\" \/>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"St. Louis Multifamily Market Report \u2013 October 2022 - Yardi Matrix Blog","description":"St. Louis rents 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