St. Louis 3Q23 Multifamily Market Insights Report: Sales of top-tier properties gaining momentum

Highlights:

• Property fundamentals in the St. Louis multifamily market posted a solid performance during the third quarter, as vacancy held steady and asking rents continued to advance. Developers remain active in the region with more than 3,500 units underway.
• Local vacancy leveled off during the third quarter after posting slight upticks in the preceding three quarters. The vacancy rate remained at 4.4%, but current conditions have increased 50 basis points one year ago.
• Apartment rents continued to tick higher, ending the third quarter at $1,184 per month. Year over year, rents rose 4.6%.
• Multifamily transaction volume to this point in 2023 is down approximately 50% from levels recorded in the same period last year. In transactions where pricing was available, the median price thus far in 2023 is $106,200 per unit, up 17% from last year’s figure.

Read the report, or engage with our St. Louis office to learn more.