{"id":1004151928,"date":"2016-09-12T06:09:28","date_gmt":"2016-09-12T14:09:28","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004151928"},"modified":"2025-02-26T23:34:56","modified_gmt":"2025-02-27T07:34:56","slug":"yardi-matrix-steady-growth-in-st-louis","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/yardi-matrix-steady-growth-in-st-louis\/","title":{"rendered":"Yardi Matrix: Steady Growth in St. Louis"},"content":{"rendered":"<div id=\"attachment_1004151618\" style=\"width: 310px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/09\/StLouis_MetroRent_090216.jpg\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004151618\" data-attachment-id=\"1004151618\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/yardi-matrix-steady-growth-in-st-louis\/stlouis_metrorent_090216\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/09\/StLouis_MetroRent_090216.jpg\" data-orig-size=\"900,419\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"St. Louis rent evolution, click to enlarge\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;St. Louis rent evolution, click to enlarge&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/09\/StLouis_MetroRent_090216.jpg?w=900\" class=\"wp-image-1004151618 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/09\/StLouis_MetroRent_090216.jpg\" alt=\"St. Louis rent evolution, click to enlarge\" width=\"300\" height=\"140\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/09\/StLouis_MetroRent_090216.jpg 900w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/09\/StLouis_MetroRent_090216.jpg?resize=300,140 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/09\/StLouis_MetroRent_090216.jpg?resize=768,358 768w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><p id=\"caption-attachment-1004151618\" class=\"wp-caption-text\">St. Louis rent evolution, click to enlarge<\/p><\/div>\n<p>Employment and population gains have given a boost to the multifamily market in traditionally slow-growth St. Louis. An influx of professional jobs and the area\u2019s relative affordability are attracting residents and lifting demand for apartments.<\/p>\n<p>The region\u2019s universities and medical institutions produce a skilled workforce that attracts medical and technology firms. As a result, high-paying science, technology, engineering and math (STEM) jobs are expected to grow over the next five years. The Cortex innovation district, a master-planned community in Midtown, serves as a hub for life sciences and biotech research, creating a strong multiplier effect for the St. Louis economy. Plans for the district call for 4.5 million square feet of mixed-use space, 13,000 jobs and more than $2 billion in capital investment. So far, more than 1 million square feet of office, lab and retail space have already been built at a cost exceeding $500 million.<\/p>\n<p>Submarkets that command the highest rents are those offering young professionals easy access to downtown jobs and amenities. Investment activity is gaining momentum, having reached a new post-recession high of $315 million in 2015. Upcoming deliveries are also significant, currently amounting to more than 9,700 units. Absorption is set to keep up with new product, hindered only by the affordability of single-family housing. Increasing demand and limited inventory are expected to push rents up by 3.2 percent in 2016.<\/p>\n<p><a href=\"https:\/\/www.yardimatrix.com\/Media\/Downloads\/File\/114-StLouis-Summer2016Outlook?signup=false\" rel=\"nofollow noopener\" target=\"_blank\">Read the full Yardi Matrix report<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Multifamily Summer Report 2016: An influx of professional jobs and the area\u2019s relative affordability are attracting residents and lifting demand for apartments.<\/p>\n","protected":false},"author":1269,"featured_media":1004151246,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[37769,21782,21808,21783,13,21742,37795,1611],"tags":[],"class_list":["post-1004151928","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-rc-absorption","category-development","category-featured","category-investment","category-midwest","category-latest","category-rc-occupancy","category-st-louis"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - 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