St. Louis Multifamily Report – May 2026
Fundamentals are sturdy despite heavy supply.
Through the first quarter of 2026, multifamily fundamentals in St. Louis remained stable with steady rent growth even amid ample supply. Advertised asking rents in St. Louis increased 0.3 percent, on a trailing three-month basis through March, to $1,344, exceeding the national pace of 0.1 percent, which brought the average to $1,750. On the occupancy side, however, the nation’s 94.3 percent average outpaced the metro’s 93.4 percent.
Job growth declined 0.2 percent year-over-year as of December, trailing the 0.6 percent national average. The metro’s unemployment rate stood at 3.5 percent as of December, according to preliminary Bureau of Labor Statistics data. The figure remained well below the 4.4 percent U.S. rate. A $3 billion planned project could reshape Midtown St. Louis and provide a boost to the local economy. The mixed-use project would transform the Armory into an office building paired with a data center next door.
Developers delivered close to 2,700 units in the past year. St. Louis’ pipeline included approximately 4,700 units under construction with an additional 21,000 units in the planning and permitting stages. On the investment side, multifamily transactions saw a notable pullback during the first quarter. Sales across St. Louis amounted to approximately $48 million, well below the $149 million transacted during the same period of 2025.
