St. Louis Multifamily Market Report

Renewed population growth drives demand surge. After a net loss of roughly 10,000 people over an eight-year period, St. Louis began to post quarterly population gains in 2023. Since then, the metro has added nearly 20,000 residents, as employment opportunities contributed to record-setting net in-migration. This growth accelerated household formation through 2024 and into the first quarter, resulting in a corresponding surge in leasing. Net absorption more than doubled new supply in the 12-month period ended in March, driving metrowide vacancy down to 5.0 percent. With only about 1,100 units to still come online by year-end, and net in-migration near 2024’s record figure, supply and demand are expected to more or less maintain a metrowide balance through 2025.