St. Louis, MO Multifamily Market Report | Cushman & Wakefield | Q4 2025

Market Overview

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St. Louis closed 2025 with vacancy at 10.6%, down 30 basis points from Q1, as the market recorded positive absorption in every quarter of the year, totaling 1,680 units annually. That consistency is notable given the supply backdrop: since Q1 2020, the market has delivered 15,605 units against just 11,982 absorbed, a cumulative gap that has pushed vacancy up 160 basis points over that span. Effective rents have shown more resilience, holding at or above $1.40 per square foot for three consecutive years and closing Q4 at $1.48 psf, up 2.9% year-over-year. The development pipeline, however, picked up steam heading into year-end, with 2,422 units under construction, a 38.2% increase year-over-year. St. Charles County and Ballwin account for the largest share of active projects, and further vacancy pressure is possible if deliveries continue to outrun demand.

‍About Cushman & Wakefield

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Cushman & Wakefield is a global commercial real estate services firm with approximately 52,000 employees across 60 countries and $9.4 billion in revenue. Their St. Louis Q4 2025 multifamily MarketBeat tracks vacancy, effective rents, net absorption, and construction activity across 17 submarkets to help owners and investors assess local market conditions. To read the full report, click here.