Market Report
St. Louis Multifamily Market Report
1Q 2026
Vacancy, Sales Activity at Historically Favorable
Marks
Steering Metro Through Softer Hiring Landscape
St. Louis’ multifamily sector performing at an uncommonly high level. This year began with metrowide apartment vacancy under 4 percent — a feat achieved only once in the past 20 years. While weaker hiring conditions are expected to persist this year and weigh on new renter demand, overall availability will still be among the lowest in recent memory. Higher-income neighborhoods are set to outperform, with submarkets such as St. Charles County and Chesterfield likely to sustain Class A vacancies in the mid- to high-3 percent zone. Rentals in lower-income areas, such as northeast St. Louis County, may continue to experience headwinds, however. Contracting employment in industries such as retail trade, where employees tend to fall into the renter-by-necessity pool, could affect Class C housing demand. Construction activity, meanwhile, is modest, although a higher concentration of deliveries this year in the suburbs west of Forest Park may heighten near-term competition for renters.
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