St. Louis Multifamily Market Report

CBD faces mixed 2026 outlook. Supply pressure should remain limited relative to historical norms this year, though demand trends are less certain. Nearly one-quarter of available units across the City of St. Louis offer discounts, compared with just 8 percent in the suburbs, highlighting weaker leasing conditions as the urban core continues to contend with long-term population decline and one of the nation’s highest CBD vacancy rates. Even so, business investment in North St. Louis may provide localized demand support, highlighted by recent or planned expansions by NGA and Sensient. At the same time, below-metro-average household incomes may help sustain demand for affordable rentals, with City Class C renewals approaching 90 percent as of May, suggesting lower-cost units may remain a relative bright spot.