{"id":8037,"date":"2024-06-11T14:06:00","date_gmt":"2024-06-11T14:06:00","guid":{"rendered":"https:\/\/www.yardimatrix.com\/blog\/?p=8037"},"modified":"2024-11-08T14:18:01","modified_gmt":"2024-11-08T14:18:01","slug":"st-louis-multifamily-market-report-may-2024","status":"publish","type":"post","link":"https:\/\/www.yardimatrix.com\/blog\/st-louis-multifamily-market-report-may-2024\/","title":{"rendered":"St. Louis Multifamily Market Report \u2013 May 2024"},"content":{"rendered":"\n<p class=\"has-normal-font-size\">Read the latest Yardi Matrix <a href=\"\/blog\/st-louis-multifamily-market-report\/\"><strong>St. Louis Multifamily Market Report<\/strong><\/a>.<\/p>\n\n\n<hr \/>\n<h2>Supply Hits Occupancy, But Rents Advance<\/h2>\n<p>Multifamily fundamentals were still mixed in St. Louis at the end of the first quarter but remained relatively sound, according to the latest Yardi Matrix St. Louis multifamily market report. Rents grew by 0.4% on a trailing three-month basis through March, to $1,236, double the U.S. rate of growth. Year-over-year, the market recorded a 3.1% increase\u2014among the country\u2019s best\u2014while the U.S. rate rose 0.9%, to $1,721, as noted in the <a href=\"\/blog\/national-multifamily-market-report\/\" rel=\"\"><strong>national multifamily report<\/strong><\/a>. Last year\u2019s robust deliveries left a mark on occupancy, which slid 160 basis points in the 12 months ending in February, to 93.3%.<\/p>\n<p><iframe id=\"datawrapper-chart-F7JBf\" style=\"width: 0; min-width: 100% !important; border: none;\" title=\"St. Louis vs. National Rent Growth\" src=\"https:\/\/datawrapper.dwcdn.net\/F7JBf\/1\/\" height=\"321\" 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>St. Louis unemployment rose to 4.0% in February, recording the highest rate since August 2021. The metro wasn\u2019t far behind the U.S. (3.9%) but lagged Missouri (3.3%), according to preliminary data from the Bureau of Labor Statistics. In 2023, job growth decelerated to 1.7%, or 25,900 net jobs gained, trailing the 2.0% national rate. Two sectors lost jobs: professional and business services (-1,000 jobs) and government (-600). Last year, economic expansion mostly came from education and health services (10,500 jobs) and leisure and hospitality (9,000).<\/p>\n<p><iframe id=\"datawrapper-chart-XrzUm\" style=\"width: 0; min-width: 100% !important; border: none;\" title=\"St. Louis Employment Share by Sector\" src=\"https:\/\/datawrapper.dwcdn.net\/XrzUm\/1\/\" height=\"423\" 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 946 units in the first quarter and had another 5,306 under construction. Despite relatively solid numbers, development is softening, as no new projects were recorded during the same period. Transactions also dwindled after a strong 2023. First quarter multifamily sales totaled just $71 million, for a price per unit that fell 27.6% compared to 2023\u2019s total, to $109,169 as of March.<\/p>\n<p>Read the full St. Louis Multifamily Market Report: <a href=\"\/publications\/download\/file\/5646-MatrixMultifamilyStLouisReport-May2024\" rel=\"\"><strong>May 2024<\/strong><\/a><\/p>","protected":false},"excerpt":{"rendered":"<p>Supply Hits Occupancy, But Rents Advance Multifamily fundamentals were still mixed in St. Louis at the end of the first quarter but remained relatively sound, according to the latest Yardi Matrix St. Louis multifamily market report. Rents grew by 0.4% on a trailing three-month basis through March, to $1,236, double the U.S. rate of growth. [&hellip;]<\/p>\n","protected":false},"author":436,"featured_media":7498,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[12,5,4],"tags":[511,128],"class_list":["post-8037","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-metro-reports","category-multifamily-market","category-real-estate-trends","tag-multifamily-outlook-2024","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 2024 - Yardi Matrix Blog<\/title>\n<meta name=\"description\" content=\"Rent growth in St. Louis continued solid performance, up 0.4 percent on a T3 basis through March to $1,236, double the U.S. rate.\" \/>\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-may-2024\/\" \/>\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 May 2024\" \/>\n<meta property=\"og:description\" content=\"Rent growth in St. Louis continued solid performance, up 0.4 percent on a T3 basis through March to $1,236, double the U.S. rate.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.yardimatrix.com\/blog\/st-louis-multifamily-market-report-may-2024\/\" \/>\n<meta property=\"og:site_name\" content=\"Yardi Matrix Blog\" \/>\n<meta property=\"article:published_time\" content=\"2024-06-11T14:06:00+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-11-08T14:18:01+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.yardimatrix.com\/blog\/wp-content\/uploads\/sites\/39\/2023\/11\/St-Louis-iStock-1826597037.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=\"Adina Rogoz\" \/>\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 May 2024 - 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