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2020 Q1 Colliers St Louis Multifamily Market Report

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The St. Louis multifamily market achieved modest growth in the second quarter with occupancy rising slightly to 95.1%.  This is the highest rate since 2001 and the increased occupancy resulted in the average monthly rent rising from $899 at the start of the year to $927.  These are strong numbers for the Midwest market but is lower than the national average.  Construction continues to occur with the most active submarkets being St. Clair/Madison County (Illinois) followed by St. Louis City, Central West End/Forest Park, and then Chesterfield/Ballwin/Wildwood. 

Employment growth has been healthy for the region, but the economic outlook is for growth to slow down but to remain positive. The forecasts for a slight economic slowdown implies that significant increases in occupancy or rent growth might not be sustainable. The St. Louis apartment market must compete with the affordable single-family housing market and slow population growth for the region.  It remains an affordable market for investors with potential growth options for small owners and large owners alike. 
 

2020 Q1 Colliers St Louis Multifamily Market Report

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Gregory Russell

Vice President

St. Louis - Clayton

Greg Russell is a St. Louis native and has immense local and regional multifamily market knowledge and expertise.  In addition to his brokerage career, Greg has over a decade of experience in real estate including purchasing, renovating, selling, and leasing both residential and commercial properties.

Greg is a Multifamily Investment Sales Specialist. Greg represents principles in the acquisition and disposition of multifamily investment assets throughout the greater St. Louis area. He takes a client-focused approach to ensure that the party represented receives their desired outcome in a timely manner.

Prior to his real estate career, Greg sold medical information to the healthcare industry. He successfully worked with healthcare providers, physician groups, hospitals, teaching institutions, national medical societies, and pharmaceutical companies for 14 years, providing unique solutions tailored to meet each client’s individual needs.

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