MARKET SNAPSHOT

St. louis q2 2025

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AVERAGE RENT

$1,285 Q2 2025

OCCUPANCY RATE

90.7% Q2 2025

NET ABSORPTION

1,099 H1 2025

ANNUAL RENT CHANGE

2.2% Q2 2025

ANNUAL OCCUPANCY CHANGE

-70 BPS Q2 2025

COMPLETIONS

985 H1 2025

KEY TAKEAWAYS

Net absorption in H1 2025 outpaced new deliveries, signaling a shift toward supply-demand equilibrium after years of elevated construction activity.

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Construction activity is decelerating, with under construction inventory falling to just 1.7% of base stock, well below the recent cycle peak of 5.3% and signaling upcoming supply-side relief.

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Rent growth remains steady at 2.2% annually, outperforming the national average and ranking Saint Louis among the Top 15 major markets for rent gains, while occupancy continues to stabilize.

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MARKET OUTLOOK

With construction starts down and deliveries in 2025 anticipated to fall below last year’s levels, supply-side pressures are expected to ease further...