A smaller development pipeline sets up a more balanced market in 2026. Completions are forecast to fall nearly 40% in 2026, and units under construction are down about 32% below the 10-year average. This pullback in supply should ease competitive pressure and support faster lease-up of remaining new product.
Occupancy is expected to hold near current levels as recent supply is absorbed. Stabilized occupancy ended Q4 2025 at 90.6% and is forecast to remain essentially flat at 90.6% in Q4 2026, reflecting a market transitioning from the 2022–2024 delivery wave into a more stable operating environment.
Rent growth remains supported by improving supply-demand alignment. Effective rent is forecast to grow 2.0% in 2026, supported by declining deliveries and steady demand conditions as the market moves through 2026.
St. Louis’s multifamily market is best characterized as stabilizing entering 2026, supported by steady job growth in durable sectors and a construction pipeline that is clearly shrinking...
