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St. Louis real estate offers unique opportunities.
Located at the confluence of the Mississippi and Missouri Rivers, St. Louis boasts a rich history and a vibrant cultural scene.
The city is home to iconic landmarks like the Gateway Arch and Forest Park, and it offers a diverse array of neighborhoods, each with its own distinct character. With a growing job market, particularly in healthcare, education, and biotechnology, St. Louis is an attractive option for both living and investing.
But is now the right time to invest in residential real estate in St. Louis? Should you dive in or hold off? Are property values on the rise or decline? Which neighborhoods are seeing the most growth? What are the experts predicting?
In this article, we will provide you with a comprehensive and up-to-date analysis. To ensure you make the most informed decision, run your numbers through a specialized spreadsheet tailored to St. Louis’s market, offering all the data you need to confidently navigate your future real estate investment.
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How's the 2024 housing market in St. Louis, Missouri?
Are many properties changing hands?
The St. Louis housing market is experiencing, in 2024, a noticeable decline in property transactions.
Over the past year, the number of properties changing hands has significantly decreased, diverging sharply from historical averages. This is not a minor fluctuation.
The primary factor behind this trend is the rise in mortgage rates. These higher rates are making borrowing more expensive, effectively pricing out potential buyers and stalling demand. Additionally, the economic uncertainty—rising inflation and fears of a recession—is causing both buyers and sellers to hesitate before making substantial financial commitments. People are simply not willing to take risks on real estate in such an unpredictable environment.
Affordability remains a persistent issue in St. Louis. While not as extreme as in some other cities, real estate prices have been steadily climbing, making it increasingly difficult for many to invest in property in St. Louis. This is not just a minor inconvenience; it’s a significant barrier that's stifling the market.
When you compare St. Louis to other major cities in the Midwest, like Chicago and Indianapolis, the contrast is evident. These cities are also experiencing fewer transactions, but the decline isn't as pronounced. St. Louis's economic landscape and cost of living make its real estate market uniquely sensitive to economic pressures. Chicago, with its more diversified economy, isn’t as susceptible to the same economic challenges that St. Louis faces.
The timeline for selling properties in St. Louis has also lengthened.
Previously, homes would sell within a few weeks, but now, properties are staying on the market for several months. This is a direct reflection of the cooling demand and increased buyer caution. The days of quick sales are over, replaced by prolonged waiting periods and a more sluggish market.
Are housing prices going up or down?
During the first months of 2024, housing prices in St. Louis, Missouri have shown a slight increase.
This uptick is primarily driven by a combination of factors, including a growing local economy and an influx of new residents attracted by the city's relatively affordable cost of living. Additionally, St. Louis is experiencing a resurgence in its downtown area, with new businesses and cultural attractions drawing more people to the city.
Luxury homes in St. Louis are seeing a moderate price increase, fueled by a rising interest from both local high-net-worth individuals and out-of-state buyers looking for more space and better value compared to coastal cities. On the other hand, affordable housing prices are also on the rise, but at a slower pace. This is due to a steady demand from local residents and a limited supply of new affordable housing developments.
According to the data we have compiled to build our financial spreadsheet for real estate investing in St. Louis, the price trends in St. Louis are relatively modest compared to other major US cities. For instance, cities like Austin and Miami are experiencing sharper increases due to higher demand and a larger influx of new residents.
Supply and demand dynamics are playing a crucial role in St. Louis's housing market. While the city does not face the same stringent zoning laws as some coastal cities, the pace of new construction has not kept up with the growing demand, particularly in the affordable housing sector. This imbalance is contributing to the gradual rise in prices.
St. Louis's housing price trends are a reflection of its evolving economic landscape. The city's efforts to revitalize its downtown area and attract new businesses are paying off, leading to increased demand for housing. The luxury market is benefiting from this growth, while the affordable housing sector remains under pressure due to limited supply.
For someone looking to invest in buying and renting out properties in St. Louis, now could be a strategic time, especially for luxury homes. With prices on the rise, there may be opportunities to purchase high-end properties before they become even more expensive. Given the city's ongoing development and stable demand for affordable housing, rental demand is likely to remain strong, offering a reliable income stream.
However, it's important to consider the economic factors and shifting demand dynamics (remember - we are not financial advisors!).
Investors like you need to be strategic, focusing on locations with strong rental demand and properties that can attract long-term tenants, so they can maximize their investment returns.
99% of successful investors meticulously planned their investments!
Don’t make costly mistakes with your next property in St. Louis. Make sure you have all the necessary information and data before making a decision.
What about rents and rental yields?
Rents and rental yields in St. Louis, Missouri have been experiencing notable changes recently.
On average, rents have seen a moderate increase. The current average monthly rent for a one-bedroom apartment ranges from $900 to $1,200. For two-bedroom apartments, the range is about $1,200 to $1,500. This rise is primarily driven by a combination of increasing demand and a relatively stable supply, reflecting the economic dynamics of this Midwestern city.
Over the past year, the average rental prices in St. Louis have climbed by approximately 3-5%. While this isn't a dramatic surge, it is significant enough to be felt by renters and landlords alike.
Historically, St. Louis has been known for its affordable housing market compared to other major cities. However, comparing current rent levels to historical averages, today's rents are on the higher end, although they haven't reached the peaks seen in more expensive markets.
Specific neighborhoods of St. Louis like Central West End, Clayton, and Soulard are experiencing more significant changes in rent prices.
Central West End, with its proximity to major hospitals and universities, sees higher demand and, consequently, higher rent increases. Clayton, known for its business district and upscale living, is also popular among renters, pushing prices upward. In contrast, areas like South City and North County are seeing more moderate increases, providing slightly more affordable options.
Properties that tend to generate the highest gross yields in St. Louis are typically multi-family units and smaller apartment buildings. These types of properties allow landlords to spread out their risk and maximize rental income through multiple tenants.
Single-family homes in prime neighborhoods like Ladue and Town and Country also command high rents but may not offer the same yield percentage as multi-family units.
When comparing rent prices in St. Louis to neighboring cities like Kansas City and Springfield, St. Louis remains relatively competitive.
Rents in Kansas City and Springfield are generally comparable, making them attractive alternatives for some renters. However, the cultural amenities, job opportunities, and lifestyle offered by St. Louis justify the higher rents for many.
Government regulations and rent control policies play a significant role in the current rental market. St. Louis does not have the same strict rent control laws as some other cities, which allows for more flexibility in rent adjustments.
While the lack of stringent rent control can lead to more significant rent increases, it also encourages property owners to invest in maintenance and upgrades, potentially leading to a higher quality of rental properties available in the market.
What data supports a positive forecast for the housing market in St. Louis, Missouri?
If you're looking to buy and rent out property in St. Louis, Missouri, there's some promising data and trends that suggest a positive forecast for the housing market.
Even when national trends wobble, St. Louis often bucks the trend because of its unique economic drivers.
The healthcare and education sectors' ongoing growth, particularly with institutions like Washington University and BJC HealthCare, continues to fuel housing demand. These institutions are expanding their footprint in the city, bringing in well-paid professionals who need places to live.
This steady influx of high-income earners keeps the rental market robust. Additionally, St. Louis's relatively affordable housing market compared to other major cities makes it an attractive option for both buyers and renters. Even with new construction, the supply often lags behind the demand, keeping the market tight.
For the market to move positively from a buyer and landlord perspective, certain conditions need to be met.
| Condition | Explanation |
|---|---|
| Interest Rates | Interest rates should remain low or decrease further, as this makes financing more affordable. Lower interest rates reduce the cost of mortgages, attracting more buyers into the market and increasing demand for properties. |
| Economic Stability | Economic stability, particularly within the healthcare and education sectors, is crucial as it directly impacts employment and income levels. Stability in the job market, especially in high-paying sectors like healthcare, ensures that more people can afford to buy or rent homes. |
| Job Market Recovery/Growth | A continued recovery or growth in the job markets ensures that people have the financial means to afford home purchases and rentals. Strong employment rates correlate with increased demand for housing. |
| Government Policies (Zoning Laws) | Government policies that relax zoning laws or provide incentives for new constructions can slightly ease the supply crunch in the housing market. However, as long as demand outpaces supply, property values and rental income will remain strong. |
| Demand vs. Supply | The balance between demand and supply is critical. As long as demand for properties exceeds the available supply, property values and rental income will continue to rise. This dynamic benefits both buyers (through increasing property value) and landlords (through higher rental income). |
| Favorable Tax Policies for Landlords | Favorable tax policies for landlords, such as deductions or incentives for property improvements, increase the financial attractiveness of renting out properties. These incentives can reduce the overall tax burden on landlords and enhance their rental income. |
Given the current landscape, the likelihood of these conditions aligning is reasonably high. Interest rates are currently at historic lows, and while they might fluctuate, they are unlikely to spike dramatically soon. The healthcare and education sectors' resilience, even in the face of global economic pressures, provides a buffer that many other sectors lack.
Moreover, there's ongoing political pressure to address housing shortages, which could result in incremental policy changes that favor property investors.
In this context, investing in multi-family properties or small apartment buildings could yield the most benefit. These types of properties spread risk across multiple units, ensuring steady cash flow even if one unit is vacant. They're also in high demand as many young professionals and new healthcare employees prefer renting over buying due to the flexibility it offers. Moreover, multi-family properties often have better economies of scale when it comes to maintenance and management.
Single-family homes in desirable neighborhoods can also be lucrative, especially if you plan to hold onto the property for a while. These areas tend to appreciate faster and attract long-term tenants.
However, the initial investment is higher, and the management of multiple single-family homes can be more challenging than a single multi-family property.
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What data supports a negative forecast for the housing market in St. Louis, Missouri?
You want to invest and make money by collecting rents? A negative forecast for the housing market might actually work in your favor (yes, opportunities are everywhere), but understanding the data and conditions is crucial.
Right now, several factors are converging to cast a shadow over the housing market in this city.
Firstly, let's talk about the data. If you need fresh numbers, they are already included in our real estate spreadsheet for an investment in St. Louis.
Home prices in St. Louis have been relatively stable compared to other major cities, but recent trends show a cooling off. Inventory levels are rising, which means there are more homes on the market. When supply increases and demand doesn't keep up, prices tend to drop. Recent reports have also noted a decline in the number of sales and an increase in price reductions.
This isn't just a seasonal trend; it’s a sign of a broader shift. Mortgage rates have been fluctuating but remain higher than the historical lows we saw a few years ago, which reduces affordability and further dampens demand.
For the market to move negatively, several conditions need to align.
| Condition | Explanation |
|---|---|
| Economic Uncertainty | St. Louis has a diverse economy, but sectors like manufacturing and healthcare are showing signs of instability with layoffs and reduced hiring. If this continues, it could lead to a decrease in the population of middle-income renters and buyers, directly impacting housing demand. |
| Inflation and Rising Living Costs | Inflation and rising living costs put pressure on disposable incomes, making it harder for people to afford high rents or take on mortgages. This reduces overall housing demand as fewer people can afford to buy or rent homes. |
| Regulatory Factors | St. Louis has been considering changes to its rental regulations, including stricter tenant protections. While beneficial for renters, these changes can deter landlords. Any new regulations that make owning rental properties less attractive could reduce investor demand and push prices down further. |
The likelihood of these negative trends continuing is quite high. Economic indicators suggest a potential slowdown, and the volatility in key sectors like manufacturing adds a layer of risk.
As an investor, you need to be wary of the broader economic signals and how they might play out locally.
The biggest risks in the property market of St. Louis include continued economic instability, significant layoffs in key industries, and potential changes in housing policies that could make owning rental properties more burdensome.
The worst-case scenario would involve a combination of these factors hitting simultaneously. Imagine a situation where the manufacturing sector experiences a major downturn, leading to another wave of layoffs. This would decrease the number of potential renters and buyers, leading to an oversupply of housing.
If this coincides with rising interest rates, the cost of mortgages could become prohibitive, further reducing demand.
Layer on stricter rental regulations, and you could see a substantial decline in property values.
In this scenario, your investment could lose value, and finding tenants willing to pay the rents needed to cover your costs might become challenging.
Which property investment is best for rentals in St. Louis?
Property types
If you're considering investing in rental properties in St. Louis, Missouri in 2024, your best bet is to focus on multi-family units. These properties offer the most attractive yields and cater to a diverse tenant base. St. Louis has a lower cost of living compared to many major cities, making renting an appealing option for many residents. Multi-family units strike a balance between affordability for tenants and profitability for landlords. By the way, you can estimate precisely all the profitability metrics with our spreadsheet tailored to St. Louis’s housing market.
Multi-family units with 4-10 apartments in St. Louis typically yield rental returns of 6-8%. You can expect to pay between $500,000 and $1.2 million for these properties. These units are particularly attractive to young professionals, students, and small families, especially those working in the healthcare and education sectors, which are prominent in the city.
Current trends indicate a growing demand for properties that offer more than just living space. Amenities such as in-unit laundry, updated kitchens, communal areas, and proximity to public transportation and major employers like hospitals and universities are highly desirable. Properties featuring fitness centers, rooftop decks, and secure parking tend to command higher rents and experience lower vacancy rates.
Single-family homes in St. Louis offer good appreciation potential but come with lower rental yields, typically around 3-5%. These homes are priced between $200,000 and $600,000 and are most appealing to families who tend to stay longer, providing more stability but less frequent turnover compared to younger, more transient renters.
Condos in St. Louis offer rental yields of 4-6%, with prices ranging from $150,000 to $400,000. They attract young professionals and retirees but come with condo association fees that can eat into profits. However, condos in prime locations, such as those near the Central West End or Clayton, tend to appreciate steadily.
Multi-family units in St. Louis often see consistent value increases due to their income potential, while single-family homes appreciate well but are subject to higher market fluctuations. Condos appreciate at a moderate pace, especially in desirable neighborhoods, but generally slower than multi-family units and single-family homes.
To maximize rental income with a reliable tenant base in St. Louis, multi-family units are your best option. They offer a balance of affordability, high demand, and steady appreciation. Including desirable amenities will help you stay competitive in the St. Louis rental market.
Here is a small summary table to make it easier for you:
| Property Type | Average Price Range | Rental Yields | Target Tenants | Key Features & Amenities | Property Appreciation |
|---|---|---|---|---|---|
| Multi-Family Units | $500K - $1.2M | 6-8% | Young professionals, students, small families | In-unit laundry, modern kitchens, communal spaces, proximity to public transportation | Consistent value increases due to income potential |
| Single-Family Homes | $200K - $600K | 3-5% | Families | Larger living spaces, yards, more privacy | Significant appreciation but higher market fluctuations |
| Condos | $150K - $400K | 4-6% | Young professionals, retirees | Security, maintenance services, high-rise amenities | Moderate appreciation, slower compared to multi-family units and single-family homes |
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Best neighborhoods in St. Louis
For long-term rental
If you're considering investing in long-term residential rentals in St. Louis, Missouri, there are a few neighborhoods that stand out for their potential. The Central West End, Soulard, and Clayton are among the top areas to consider. These neighborhoods are highly sought after for their unique blend of charm, convenience, and amenities.
In the Central West End, you'll find a vibrant cultural scene with a mix of historic and modern elements. Soulard offers a more eclectic vibe with its historic architecture and lively nightlife. Clayton is synonymous with affluence and prestige, boasting excellent schools and high-end real estate.
Everyone seems to want to live in these neighborhoods long-term because they offer a high quality of life.
The Central West End attracts young professionals and medical staff due to its proximity to major hospitals and universities.
Soulard is popular among young professionals and creatives who appreciate its historic charm and vibrant social scene.
Clayton appeals to affluent individuals and families who value the prestige and excellent school districts.
Average rental prices in these neighborhoods reflect their desirability. In the Central West End, you can expect to pay around $1,200 to $1,800 for a one-bedroom apartment. Soulard rents are slightly lower, ranging from $1,000 to $1,500 for a one-bedroom. Clayton, being one of the most expensive neighborhoods, sees one-bedroom rentals averaging between $1,500 and $2,200.
When it comes to rental yields, these neighborhoods offer solid returns. The Central West End provides yields around 5-6%, while Soulard and Clayton offer slightly lower yields, around 4-5%. These yields are quite attractive, especially when considering the long-term appreciation potential in these areas.
The demographic and socioeconomic profiles of tenants in these neighborhoods vary. In the Central West End, you'll find a diverse mix of young professionals, medical staff, and students. Soulard is home to young professionals, creatives, and some retirees. Clayton attracts high-income individuals, including executives, entrepreneurs, and established professionals.
Looking ahead, these neighborhoods are likely to see continued demand and appreciation. St. Louis's growing healthcare and education sectors will keep drawing high-income tenants, particularly in areas close to major hospitals and universities.
The city's ongoing efforts to revitalize and improve infrastructure and public spaces will also enhance the appeal of these neighborhoods.
And a little summary table to make it clearer for you.
| Neighborhood | Characteristics | Average Rental Prices (1-Bedroom) | Rental Yields | Tenant Demographics | Future Prospects |
|---|---|---|---|---|---|
| Central West End | Vibrant cultural scene, mix of historic and modern | $1,200 - $1,800 | 5-6% | Young professionals, medical staff, students | Continued gentrification, increased amenities |
| Soulard | Eclectic vibe, historic architecture, lively nightlife | $1,000 - $1,500 | 4-5% | Young professionals, creatives, retirees | Maintained popularity among young professionals, vibrant social scene |
| Clayton | Affluence and prestige, excellent schools | $1,500 - $2,200 | 4-5% | High-income individuals, executives, entrepreneurs | Continued exclusivity, high demand, limited supply |
For short-term rental
If you're looking to capitalize on the short-term rental market in St. Louis, you'll want to focus on areas that attract a steady influx of visitors and temporary residents, such as tourists, students, and business travelers.
One of the top neighborhoods for short-term rentals is the Central West End. Known for its historic architecture, vibrant dining scene, and proximity to major medical centers and universities, the Central West End attracts a mix of medical professionals, students, and tourists.
Average rental prices for short-term stays here can range from $1,800 to $3,000 per month for a one-bedroom apartment. Rental yields in the Central West End are generally high due to the constant demand and willingness of tenants to pay a premium for convenience and amenities.
Another prime area is Downtown St. Louis. This neighborhood is popular among business travelers and tourists, given its proximity to corporate offices, the Gateway Arch, and various entertainment venues. It’s also a favorite among young professionals due to its modern lofts and vibrant nightlife.
Short-term rentals in Downtown St. Louis typically command prices between $2,000 and $3,500 per month for a one-bedroom unit. The rental yields in Downtown are robust, thanks to the high turnover rate and the premium prices driven by business travelers and tourists.
For a more eclectic and culturally rich experience, the Soulard neighborhood is a great choice. This area is popular among tourists looking for a taste of St. Louis's historic charm and among young professionals for its lively bar scene and annual events like the Soulard Mardi Gras.
Rental prices in Soulard are slightly lower, ranging from $1,500 to $2,800 per month for a one-bedroom apartment. While the yields might not be as high as in the Central West End or Downtown, the consistent demand ensures a steady income stream.
Demographically, the Central West End attracts medical professionals, students, and tourists who appreciate its upscale environment and proximity to major institutions. Downtown St. Louis, with its modern lofts and proximity to corporate offices, draws business travelers and young professionals. Soulard sees a diverse group, from young creatives and professionals to tourists looking to experience its unique cultural blend.
In the coming years, the demand in these neighborhoods is expected to remain strong. The ongoing development and revitalization efforts in Downtown St. Louis will keep it in high demand, while the Central West End’s proximity to medical centers and universities will always draw high-paying tenants. Soulard might see an uptick in demand as more people seek culturally vibrant neighborhoods.
| Neighborhood | Average Rental Prices (1-Bedroom/Month) | Rental Yields | Primary Tenants | Future Outlook |
|---|---|---|---|---|
| Central West End | $1,800 - $3,000 | High | Medical professionals, students, tourists | Consistently strong demand due to proximity to institutions |
| Downtown St. Louis | $2,000 - $3,500 | Robust | Business travelers, young professionals, tourists | Sustained demand from ongoing development |
| Soulard | $1,500 - $2,800 | Moderate | Young creatives, professionals, tourists | Likely increase in demand for cultural vibrancy |
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Other trends to keep in mind
Here is a detailed table of innovations and trends specific to the St. Louis real estate market for buying and renting out properties.
| Trend | Description | Impact on Buying/Renting Out |
|---|---|---|
| Smart Home Technology | Integration of smart home devices such as thermostats, security systems, lighting, and appliances. | Attracts tech-savvy tenants and increases property value, especially in tech-forward neighborhoods like Cortex Innovation Community. |
| Co-living Spaces | Shared living arrangements that offer private bedrooms with shared common areas and amenities. | Popular among young professionals and students, particularly near universities like Washington University and Saint Louis University; can lead to higher rental yields. |
| Sustainable and Green Buildings | Properties designed with energy-efficient systems, solar panels, green roofs, and sustainable materials. | Appeals to environmentally conscious tenants; potential for tax incentives and lower utility costs, especially in eco-friendly areas like The Grove. |
| Rent Control and Tenant Protection | Local regulations that protect tenants and control rent increases. | Limits on rent increases; important to understand local regulations to avoid legal issues, particularly in areas with high rental demand like Central West End. |
| Micro-Apartments | Smaller, more affordable living spaces optimized for efficiency. | High demand among singles and young professionals; lower rental rates per unit but potentially higher occupancy rates, especially in downtown St. Louis. |
| Mixed-Use Developments | Projects that combine residential, commercial, and retail spaces in a single development. | Creates vibrant communities; convenience for tenants; potential for higher property value, particularly in revitalized areas like Midtown. |
| Remote Work Adaptations | Properties with dedicated home office spaces, high-speed internet, and work-friendly amenities. | Attracts remote workers and tech professionals; increases desirability and rental rates, especially in tech hubs like Cortex. |
| Urban Farming and Community Gardens | Incorporation of urban farming spaces and community gardens within residential developments. | Appeals to eco-conscious tenants; promotes community engagement and healthy living, particularly in neighborhoods like Tower Grove. |
| Transit-Oriented Developments (TODs) | Developments located near public transportation hubs to reduce reliance on cars. | High demand due to convenience; can lead to higher property values and rental rates, especially near MetroLink stations. |
| Short-Term Rental Regulations | Local laws regulating short-term rentals like Airbnb. | Potential for high income but must comply with strict regulations to avoid fines and legal issues, particularly in tourist-heavy areas like Soulard. |
| Technology-Enhanced Property Management | Use of apps and software for property management, maintenance requests, and tenant communication. | Streamlines operations; improves tenant satisfaction and retention, especially useful for managing multiple properties in diverse neighborhoods. |
| Neighborhood Revitalization Projects | Investment in improving infrastructure, parks, and public spaces in certain neighborhoods. | Increases property values; makes areas more attractive for tenants and buyers, particularly in areas undergoing transformation like The Delmar Loop. |
| Senior Living Communities | Properties specifically designed for senior citizens with amenities like healthcare, social activities, and accessibility features. | Growing demand due to aging population; stable and long-term tenants, especially in suburban areas like Chesterfield. |
| Affordable Housing Initiatives | City programs and incentives to develop affordable housing options. | Opportunities for grants and subsidies; important for meeting regulatory requirements and social responsibility, particularly in underserved areas like North St. Louis. |
| Innovative Financing Options | Creative financing solutions such as crowdfunding, real estate investment platforms, and green loans. | Makes property investment more accessible; can provide alternative funding sources for buyers and developers, especially useful for first-time investors. |
How to maximize your yield and ROI when you invest in residential property in St. Louis, Missouri?
Investing in the St. Louis real estate market can feel like navigating through the Gateway Arch on a foggy day.
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One of the standout features of our spreadsheet is its comprehensive data set. It includes all the average and median values for sale price, price per square foot, cash on cash returns, rental income, and occupancy rates for St. Louis. This means you can make accurate, data-driven decisions specific to the city's market conditions.
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