{"id":8963,"date":"2024-11-08T08:38:00","date_gmt":"2024-11-08T08:38:00","guid":{"rendered":"https:\/\/www.yardimatrix.com\/blog\/?p=8963"},"modified":"2025-06-24T08:47:54","modified_gmt":"2025-06-24T08:47:54","slug":"st-louis-multifamily-market-report-october-2024","status":"publish","type":"post","link":"https:\/\/www.yardimatrix.com\/blog\/st-louis-multifamily-market-report-october-2024\/","title":{"rendered":"St. Louis Multifamily Market Report \u2013 October 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>Rates Tick Up, Occupancy Slides<\/h2>\n<p>St. Louis posted stable multifamily fundamentals through the third quarter of 2024, with strong rent growth and steady supply expansion, according to the latest Yardi Matrix St. Louis multifamily market report. The advertised asking rent increased by 3.8% year-over-year through August, to $1,275, and significantly outpacing the national rate of 0.8%, as noted in the in the most recent <a href=\"\/blog\/national-multifamily-market-report\/\" rel=\"\"><strong>US multifamily market report<\/strong><\/a>. However, occupancy felt the supply pinch, falling 80 basis points year-over-year as of July, to $93.5%.<\/p>\n<p><iframe id=\"datawrapper-chart-CIuFp\" style=\"width: 0; min-width: 100% !important; border: none;\" title=\"St Louis vs. National Rent Growth \" src=\"https:\/\/datawrapper.dwcdn.net\/CIuFp\/1\/\" height=\"328\" 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>Job growth was 1.6% year-over-year as of June, up 32,900 jobs, and 30 basis points higher than the U.S. figure. Three sectors lost 4,200 jobs combined\u2014professional and business services, information and other services. Gains were led by education and health services (13,700 jobs) and leisure and hospitality (11,700 jobs). St. Louis unemployment rose to 4.6% in July, its highest level since 2021. The metro trailed the U.S. (4.3%) and Missouri (3.8%) and surpassed Illinois (5.2%), according to Bureau of Labor Statistics data. Projects slated for completion in 2024 include Siteman Cancer Center\u2019s 657,000-square-foot outpatient facility at Washington University Medical Campus, and a 72,000-square\u0002foot expansion at America Center Convention Complex.<\/p>\n<p><iframe id=\"datawrapper-chart-hJdCT\" style=\"width: 0; min-width: 100% !important; border: none;\" title=\"St Louis Employment Share by Sector \" src=\"https:\/\/datawrapper.dwcdn.net\/hJdCT\/1\/\" height=\"417\" 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 1,959 units through August and had 4,803 units underway, but new construction slowed, with just 344 units breaking ground so far in 2024. Meanwhile, investors traded $426 million through August, with almost all sales for RBN assets. The per-unit price fell 20.6% year-to-date to $111,711<\/p>\n<p>Read the full St. Louis Multifamily Market Report: <a href=\"\/publications\/download\/file\/5646-MatrixMultifamilyStLouisReport-May2024\" rel=\"\"><strong>October 2024<\/strong><\/a><\/p>","protected":false},"excerpt":{"rendered":"<p>Rates Tick Up, Occupancy Slides St. Louis posted stable multifamily fundamentals through the third quarter of 2024, with strong rent growth and steady supply expansion, according to the latest Yardi Matrix St. Louis multifamily market report. The advertised asking rent increased by 3.8% year-over-year through August, to $1,275, and significantly outpacing the national rate of [&hellip;]<\/p>\n","protected":false},"author":436,"featured_media":8039,"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-8963","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 October 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-october-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 October 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-october-2024\/\" \/>\n<meta property=\"og:site_name\" content=\"Yardi Matrix Blog\" \/>\n<meta property=\"article:published_time\" content=\"2024-11-08T08:38:00+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2025-06-24T08:47:54+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.yardimatrix.com\/blog\/wp-content\/uploads\/sites\/39\/2024\/06\/Matrix-Multifamily-Metro-October-2024-St-Louis.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 October 2024 - 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