St. Louis Multifamily Market Report
Elevated Construction Pipeline Warranted as
St. Louis Receives Company Commitments
Government and corporate investments offer rental tailwinds. Record-low vacancy in 2021 facilitated strong rent growth throughout last year. Supply additions placing upward pressure on availability, however, will challenge rent growth in 2023. Long-term demand for rentals will still elevate as several company projects in St. Louis signal developments. Government and corporate expansions are set to grow the metro’s workforce in the next two to three years. The new headquarters of the National Geospatial-Intelligence Agency will be fully operational by 2026 in North St. Louis, housing 3,100 employees. Additionally, in St. Louis’ Carondelet neighborhood, Israel Chemicals Ltd. will build a 120,000-square-foot lithium iron phosphate cathode active material manufacturing plant, adding nearly 200 jobs. These projects will contribute to the government and manufacturing employment sectors long-term.