{"id":6074,"date":"2023-06-29T09:03:01","date_gmt":"2023-06-29T09:03:01","guid":{"rendered":"https:\/\/www.yardimatrix.com\/blog\/?p=6074"},"modified":"2023-09-12T16:50:36","modified_gmt":"2023-09-12T16:50:36","slug":"st-louis-multifamily-market-report-may-2023","status":"publish","type":"post","link":"https:\/\/www.yardimatrix.com\/blog\/st-louis-multifamily-market-report-may-2023\/","title":{"rendered":"St. Louis Multifamily Market Report \u2013 May 2023"},"content":{"rendered":"<h2>Fundamentals Improve As Economy Endures<\/h2>\n<p>St. Louis\u2019 multifamily fundamentals remained steady, though gains were moderate. Rates inched up 0.1% on a trailing three-month basis through March, to $1,183. Meanwhile, occupancy kept up with the substantial supply expansion and decreased just 40 basis points in the 12 months ending in February, to a still strong 95.1%.<\/p>\n<p><iframe id=\"datawrapper-chart-6j63i\" style=\"width: 0; min-width: 100% !important; border: none;\" title=\"St. Louis vs. National Rent Growth (Trailing 3 Months)\" src=\"https:\/\/datawrapper.dwcdn.net\/6j63i\/1\/\" height=\"376\" frameborder=\"0\" scrolling=\"no\" aria-label=\"Interactive line chart\" data-external=\"1\"><\/iframe><script type=\"text\/javascript\">!function(){\"use strict\";window.addEventListener(\"message\",(function(a){if(void 0!==a.data[\"datawrapper-height\"]){var e=document.querySelectorAll(\"iframe\");for(var t in a.data[\"datawrapper-height\"])for(var r=0;r<e.length;r++)if(e[r].contentWindow===a.source){var i=a.data[\"datawrapper-height\"][t]+\"px\";e[r].style.height=i}}}))}();\n<\/script><\/p>\n<p>The unemployment rate stood at 2.8% in February, surpassing Illinois (4.5%) and the U.S. (3.6%) but lagging Missouri (2.6%), according to preliminary data from the Bureau of Labor Statistics. The job market\u2014in expansion mode since September 2021\u2014grew just 1.9%, or 20,800 positions, last year, well behind the 3.7% national figure. Two sectors contracted, losing a combined 8,200 positions, while gains were led by professional and business services (9,100 jobs) and leisure and hospitality (5,900 jobs). The latter will likely get a boost from the metro\u2019s new 22,500-seat stadium, CityPark, which was completed last November ahead of the 2023 MLS season. Several other major projects are underway, including Lighthouse Point and Gateway South.<\/p>\n<p><iframe id=\"datawrapper-chart-9JBUH\" style=\"width: 0; min-width: 100% !important; border: none;\" title=\"St. Louis Employment Share by Sector\" src=\"https:\/\/datawrapper.dwcdn.net\/9JBUH\/1\/\" height=\"576\" frameborder=\"0\" scrolling=\"no\" aria-label=\"Table\" data-external=\"1\"><\/iframe><script type=\"text\/javascript\">!function(){\"use strict\";window.addEventListener(\"message\",(function(a){if(void 0!==a.data[\"datawrapper-height\"]){var e=document.querySelectorAll(\"iframe\");for(var t in a.data[\"datawrapper-height\"])for(var r=0;r<e.length;r++)if(e[r].contentWindow===a.source){var i=a.data[\"datawrapper-height\"][t]+\"px\";e[r].style.height=i}}}))}();\n<\/script><\/p>\n<p>Developers delivered just 87 units during the first quarter but had an additional 7,004 apartments under construction. Meanwhile, investors traded $129 million in multifamily assets in 2023 through March, at an average per-unit price that climbed to $224,862, surpassing the $196,544 U.S. figure.<\/p>\n<p>Read the full <a href=\"https:\/\/www.yardimatrix.com\/publications\/download\/file\/3931-MatrixMultifamilyStLouisReport-May2023\" target=\"_blank\" rel=\"noopener\"><strong>Matrix Multifamily St Louis Report-May 2023<\/strong><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Fundamentals Improve As Economy Endures St. Louis\u2019 multifamily fundamentals remained steady, though gains were moderate. Rates inched up 0.1% on a trailing three-month basis through March, to $1,183. Meanwhile, occupancy kept up with the substantial supply expansion and decreased just 40 basis points in the 12 months ending in February, to a still strong 95.1%. [&hellip;]<\/p>\n","protected":false},"author":753,"featured_media":6075,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[12,5,4],"tags":[475,128],"class_list":["post-6074","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-metro-reports","category-multifamily-market","category-real-estate-trends","tag-multifamily-outlook-2023","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 May 2023 - Yardi Matrix Blog<\/title>\n<meta name=\"description\" content=\"St. Louis absorbed most of last year\u2019s increased new supply, with T3 rents rising 10 bps through March to $1,183, Yardi Matrix reports.\" \/>\n<meta name=\"robots\" content=\"index, follow, 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