St. Louis Multifamily Report – May 2025
This market is on a healthy streak.
The St. Louis multifamily market was poised for growth at the end of the first quarter of 2025. Average advertised asking rents increased 0.2 percent on a trailing three-month basis through March, to $1,285, despite sustained stock expansion and a tepid job market. Gains also continued to outperform the nation, with the U.S. rate up 0.1 percent, to $1,755. Overall occupancy in stabilized properties slid 30 basis points year-over-year, to 93.2 percent in February.
Job gains in St. Louis decelerated to 0.3 percent as of January, while the U.S. rate stood at 1.0 percent for the fourth consecutive month. The metro shed 3,600 net jobs over 12 months. Still, the unemployment rate clocked in at 4.1 percent as of March, below the 4.2 percent U.S. and 4.8 percent Illinois rates but trailing Missouri (3.8 percent). Half of the metro’s employment sectors lost jobs, with the steepest declines registered in leisure and hospitality (-7,800 jobs) and mining, logging and construction (-2,100 jobs). Gains were strongest in education and health services (6,000 jobs) and government (2,000 jobs). The manufacturing sector, which lost 1,900 net jobs, will soon benefit from Israel Chemicals Ltd.’s $547 million South County campus, which has been under construction since December.
Development intensified in 2024, and deliveries in 2025 through March amounted to 1,000 units, while another 4,418 units were underway. Meanwhile, investment slowed down, totaling just $41 million in the first quarter, with the price per unit at $103,896.
