St. Louis' Multi-Family Market Ready for Takeoff
"While big new construction announcements have been grabbing most of the headlines (and the numbers are big) at nextSTL lately, the latest numbers show that 2015 is set to be a banner year for small scale development," reports Richard Bose.
Bose notes that most of St. Louis' development history is defined by smalls scale, granular development, so the ongoing development rend should be a good fit for the city.
The most eye-popping of the new building data in the city, according to Bose, are the numbers for multi-family rehabs.
Permits are on pace to surpass last year’s 4084 housing units by 75% and 2013’s 2,992 by 140%. Through October there have been permits for 6,097 units. According to the US Census there are 92,587 housing units in multi-family buildings. If this pace continues through the end of the year, over 15% of the city’s multi-family housing units will have seen significant rehab over a three year period.
The article includes infographics and links to recent research that can inform a more thorough picture of the St. Louis housing market and its effects in the city's neighborhoods.