Trailing 12-month net absorption of 1,915 units fell short of the 2,165 units delivered, sustaining lease-up competition
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The construction pipeline is in retreat: trailing 12-month starts have fallen to 1,807 units from 2,578 one year ago, with 3,134 units (2.0% of inventory) remaining under construction
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Average effective rents reached $1,297, up 2.0% year-over-year, while stabilized occupancy of 90.2% reflects a cumulative 50 bps annual decline amid persistent supply-demand imbalance.
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MARKET OUTLOOK
Saint Louis enters the back half of the supply cycle with improving conditions. The active pipeline stands at 2.0% of inventory and starts have declined...
