St. Louis’ Communities With the Lowest Occupancy Rates
- Dec 18, 2018
As one of the most affordable metros in the U.S., St. Louis has showed signs of continued growth in 2018, according to Yardi Matrix. With almost 1,150 newly delivered units, 4,827 under construction and more than 9,700 units in the planning and permitting stages as of October, the metro’s multifamily stock is on track for further expansion.
On the other hand, robust supply is putting a strain on occupancy levels and driving up rental rates. The list, based on Yardi Matrix data, highlights the properties with the highest occupancy rates as of October, while also touching on rental rate changes.
The Ville Townhomes
The 109-unit community occupies 5.3 acres in the St. Louis-North submarket and encompasses a total of 17 two- and three-story buildings. The Class C property, completed in 1985, is among the assets on our list with low occupancy rates—the townhomes were 24.8 percent vacant. Parkside Property Management acquired the community in May 1999 and has owned it since. The Ville Townhomes’ occupancy history has been steady over the past four years, hovering around 75 percent. Year-over-year, rental rates dropped by $15 compared to October 2017.
Located in the city’s Ferguson submarket, the 87-unit property was completed in phases, in 1972 and 1976. The two-building Ridgeview was 69 percent occupied, with rental rates reaching $513, up by $16 compared the same month in 2017 and up by $52 compared to October 2016. The Class C property encompasses one- and two-bedroom residences, featuring amenities such as laundry facilities and controlled access. Loansum, the current owner, picked up the asset in August 2013 for $907,000, or $10,425 per unit. Ridgeview’s occupancy rate has been on an upward trend, up by 270 basis points compared to 2015.
The 27-building community, situated in the city’s Illinois-Collinsville submarket, was 65.7 percent occupied. Located on 13.4 acres, Idlewood Estates’ occupancy rates have increased 250 basis points over the past four years. Year-over-year, rental rates decreased slightly compared to October 2017, down by $3. The Class C property, owned by James Green Management, features 209 units with a mix of one- to three-bedroom options. Amenities include 282 grade-level parking spaces and direct access to an enclosed garage.
One of the communities with low occupancy rates on our list is the 350-unit Chateau Townhomes, located in the Illinois-Alton submarket. James Green Management owns the 40-building property, which was 62.3 percent occupied. Year-over-year, the asset’s occupancy rate decreased by 120 basis points. In addition, rental rates grew by $20 compared to October 2017. Constructed in 1968, the Class C community is partially age restricted and features one- to three-bedroom units, a community room and 395 parking spaces.
Kohner Properties’ community, situated in the Florissant submarket of St. Louis, was 55 percent occupied as of October. The 208-unit Class B property comprises 11 buildings sprawled out on more than 12 acres. Occupancy rates at Windham Chase have been inching down since 2014—compared to October 2017, occupancy has dropped by 830 basis points, while rental rates have increased over the previous years, reaching $625 in October. Windham Chase features a mix of one- to three-bedroom units and amenities including a tennis court, swimming pool and 22 laundry facilities.
Images courtesy of Yardi Matrix