^Dear lord but is that an enormous increase! In multi-family we've already nearly tied last year. In early June. And we're ahead of pace in single family as well and outpacing every other county in the area save St. Charles. (And we're utterly annihilating everyone on multi-family so . . . overall it looks like the biggest growth is very much inside city limits. Wow!)
^Great news!
Any idea how many of those are tax-incented in some way? Anyone know how I could figure that out myself?
Any idea how many of those are tax-incented in some way? Anyone know how I could figure that out myself?
- 2,430
^ not easily. A good rule of thumb though is most multi-family is receiving some degree of subsidy.
Single-family is more mixed... I'd say most of the stuff going up in the larger projects is still getting subsidy (e.g. "La Collina" in The Hill, the singles going up on the WashU/Forest West properties in FPSE, and the SLU/SSM led develipment in The Gate District) but most of the small projects, both infill and rehab, no longer are. At least south of Delmar, even for a lot of these long vacant, former LRA properties in difficult shape. Some exceptions though.
Single-family is more mixed... I'd say most of the stuff going up in the larger projects is still getting subsidy (e.g. "La Collina" in The Hill, the singles going up on the WashU/Forest West properties in FPSE, and the SLU/SSM led develipment in The Gate District) but most of the small projects, both infill and rehab, no longer are. At least south of Delmar, even for a lot of these long vacant, former LRA properties in difficult shape. Some exceptions though.
^Interesting, thanks. Nice to hear the market has turned enough to get some non-subsidized development. Speaking of which, wasn't there some TIF reform advocacy group that was tracking these developments...Team TIF. Looks like their website is no longer hosted so guessing they've dissolved.
We had Dale Ruthsatz from SLDC speak at a neighborhood association meeting a few years ago. He indicated that they (or maybe it was some other agency) would be doing a program evaluation of the last 30+ years of tax-subsidized development to determine whether/to what degree the programs have delivered on their promises, i.e. improved the long-run tax base over/above the short/medium term subsidies. I'm thinking such report was never produced, or at least if it was I completely missed it. The efficacy of subsidizing sports stadiums is well documented, but is there a similar literature covering subsidized residential development?
We had Dale Ruthsatz from SLDC speak at a neighborhood association meeting a few years ago. He indicated that they (or maybe it was some other agency) would be doing a program evaluation of the last 30+ years of tax-subsidized development to determine whether/to what degree the programs have delivered on their promises, i.e. improved the long-run tax base over/above the short/medium term subsidies. I'm thinking such report was never produced, or at least if it was I completely missed it. The efficacy of subsidizing sports stadiums is well documented, but is there a similar literature covering subsidized residential development?
Convenient that groups like Team TIF dissolved in parallel with the leadership change in the city. I'm sure it is merely a coincidence and not a masked, politically driven, smear effort.SB in BH wrote: ↑Jun 03, 2021^Interesting, thanks. Nice to hear the market has turned enough to get some non-subsidized development. Speaking of which, wasn't there some TIF reform advocacy group that was tracking these developments...Team TIF. Looks like their website is no longer hosted so guessing they've dissolved.
We had Dale Ruthsatz from SLDC speak at a neighborhood association meeting a few years ago. He indicated that they (or maybe it was some other agency) would be doing a program evaluation of the last 30+ years of tax-subsidized development to determine whether/to what degree the programs have delivered on their promises, i.e. improved the long-run tax base over/above the short/medium term subsidies. I'm thinking such report was never produced, or at least if it was I completely missed it. The efficacy of subsidizing sports stadiums is well documented, but is there a similar literature covering subsidized residential development?
Some interesting numbers for the Missouri side:
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2021 YTD: 2,190 SF permits issued (including City rehabs).
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2021 YTD: 4,931 MF permits issued (including City rehabs).
Totals about 7,121 residential permits issued so far in 2021 on the Missouri side. Pretty good pace, especially in the City, above their 2019 and 2020 pace across the board. I'd be curious to know what the County's numbers look like with all those missing municipalities included. Especially the big ones like University City and Creve Coeur. But...#Fragmentation
Edit: Tried to get the Illinois data, hasn't been updated since 2019 lol.
2021 YTD: 2,190 SF permits issued (including City rehabs).
2021 YTD: 4,931 MF permits issued (including City rehabs).
Totals about 7,121 residential permits issued so far in 2021 on the Missouri side. Pretty good pace, especially in the City, above their 2019 and 2020 pace across the board. I'd be curious to know what the County's numbers look like with all those missing municipalities included. Especially the big ones like University City and Creve Coeur. But...#Fragmentation
Edit: Tried to get the Illinois data, hasn't been updated since 2019 lol.
June update. Single Family:
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Multi Family:
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Also just finished reading this in the Business Journal:
Why the St. Louis multifamily market is 'on fire,' in or out of a pandemic
https://www.bizjournals.com/stlouis/new ... covid.html
#5 in economic
#5 in office
#7 in retail
#8 in hospitality
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Multi Family:
Also just finished reading this in the Business Journal:
Why the St. Louis multifamily market is 'on fire,' in or out of a pandemic
https://www.bizjournals.com/stlouis/new ... covid.html
In addition the Newmark report ranked St. Louis:Resiliency was one of the factors cited by commercial real estate firm Newmark Zimmer in ranking St. Louis No. 2 nationwide in the multifamily market coming out of the pandemic, suggesting that the region’s strong metrics would likely drive future investment. Rents went up in St. Louis during the pandemic, reaching $997 per month even as the occupancy rate dipped slightly, according to a market analysis from Saint Louis Bank. St. Louis also ranked high nationwide for positive net absorption, or the ratio of new apartments filled to old space vacated. The region's multifamily capitalization rate — the projected rate of return on a building sale — also surpasses the national average, according to CBRE research. For investors, those are all signs of a good place to park your money.
...........
Locally, brokers have long seen the region’s diversified employment base as a reason to invest in St. Louis. The economy is not reliant on a single sector, such as the way a city like Houston is inextricably connected to energy. But during the pandemic, outside investors also began to recognize St. Louis’ strength. Sales growth continued, with $637 million in apartment complexes sold last year, making it the third-highest year for apartment deals of the past 10 years, according to Yardi Matrix research.The price per unit rose 26.3% year over year through March to a record high of $148,386, according to Matrix.
...........
Nearly half those new units are located within 9 miles of downtown, with more than 500 units under construction in submarkets such as Forest Park, St. Peters, Lafayette Square and O’Fallon, Missouri, according to Matrix. Most projects are concentrated along the Interstate 64 corridor from Dogtown to St. Charles County.
...........
Many of the deals have come through what Stephens calls “coastal capital” — out-of-state investors turning to St. Louis for returns that avoid the rollercoaster markets seen elsewhere. In an example from June, Miami-based Monument Capital Management, which was co-founded by former baseball star Alex Rodriguez, paid $67.3 million for the 528-unit Haven on the Lake in Maryland Heights. It’s now common for local clients of Saint Louis Bank to be approached by out-of-town firms with attractive offers, said Chief Credit Officer Rita Kuster.
#5 in economic
#5 in office
#7 in retail
#8 in hospitality
- 2,646
STL rents are finally breaking into the zone where mass new construction is possible throughout the city. It's pretty exciting to at last be at this inflection point that we have spoken about on this forum for years. Now is officially crunch time for city leadership, we need to build our city right and maintain affordability in this goldilocks zone of high enough rent to build and low enough rent to be affordable.
Incredible numbers from the city.
- Near the same # of single family units brought online (359) as county (447).
- Many times more multi-family (5,323) than the region combined and already passing previous years just six months in.
All of this in just 63sq miles!
- Near the same # of single family units brought online (359) as county (447).
- Many times more multi-family (5,323) than the region combined and already passing previous years just six months in.
All of this in just 63sq miles!
- 805
With all the vacant land, we should be able to do it with a little pressure on developers and this mayoral admin seems eager to do that.GoHarvOrGoHome wrote:STL rents are finally breaking into the zone where mass new construction is possible throughout the city. It's pretty exciting to at last be at this inflection point that we have spoken about on this forum for years. Now is officially crunch time for city leadership, we need to build our city right and maintain affordability in this goldilocks zone of high enough rent to build and low enough rent to be affordable.
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Love to see it. Would not be surprised to see the City end up with 8 to 10,000 total multi-family permits this year.addxb2 wrote: ↑Aug 06, 2021Incredible numbers from the city.
- Near the same # of single family units brought online (359) as county (447).
- Many times more multi-family (5,323) than the region combined and already passing previous years just six months in.
All of this in just 63sq miles!
Sorry my last post was supposed to be in response to this post. Relisting here:GoHarvOrGoHome wrote: ↑Aug 06, 2021STL rents are finally breaking into the zone where mass new construction is possible throughout the city. It's pretty exciting to at last be at this inflection point that we have spoken about on this forum for years. Now is officially crunch time for city leadership, we need to build our city right and maintain affordability in this goldilocks zone of high enough rent to build and low enough rent to be affordable.
Is it affordable for the majority though?
So let's make some assumptions: Say you make $15/hr, which runs out to about $31k a year. That's actually a hair above the median household income for the city of St. Louis as of 2019. Let's also follow the generally-accepted rule of thumb that you can/should spend about 30% of your annual income on housing. 30% of $31K comes out to about $780/mo.
The P-D last week quoted realtor.com to state that The average rent in St. Louis is now $1156/mo. That's realistic from my anecdotal experience - I've tried to help some friends find places with rents in the $1000-1100 range recently and it's not impossible, but really tough right now.
$1156/mo represents roughly 43% of your income at $15/hr. That's a fairly significant chunk of your income, and may not be doable for the majority of St. Louisans.
-RBB
- 805
Median household income for STL City is $44k. Metro area median household income is $67k.rbb wrote:Sorry my last post was supposed to be in response to this post. Relisting here:GoHarvOrGoHome wrote: ↑Aug 06, 2021STL rents are finally breaking into the zone where mass new construction is possible throughout the city. It's pretty exciting to at last be at this inflection point that we have spoken about on this forum for years. Now is officially crunch time for city leadership, we need to build our city right and maintain affordability in this goldilocks zone of high enough rent to build and low enough rent to be affordable.
Is it affordable for the majority though?
So let's make some assumptions: Say you make $15/hr, which runs out to about $31k a year. That's actually a hair above the median household income for the city of St. Louis as of 2019. Let's also follow the generally-accepted rule of thumb that you can/should spend about 30% of your annual income on housing. 30% of $31K comes out to about $780/mo.
The P-D last week quoted realtor.com to state that The average rent in St. Louis is now $1156/mo. That's realistic from my anecdotal experience - I've tried to help some friends find places with rents in the $1000-1100 range recently and it's not impossible, but really tough right now.
$1156/mo represents roughly 43% of your income at $15/hr. That's a fairly significant chunk of your income, and may not be doable for the majority of St. Louisans.
-RBB
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You were pulling median individual income, which is not median household income.
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Sent from my iPhone using Tapatalk
Building permits issued in the city topped $1B yesterday. With more than 4 months left we have a good chance to beat 2018's $1.21B. Great to see the investment.
July. Single family:
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Multi-family.
City has surpassed 2019 and 2020 for new builds and will likely pass 2019 and 2020 for rehabs next month. Still lots of missing data from St. Louis County.
![]()
Multi-family.
City has surpassed 2019 and 2020 for new builds and will likely pass 2019 and 2020 for rehabs next month. Still lots of missing data from St. Louis County.
This is awesome!!sc4mayor wrote:July. Single family:
Multi-family.
City has surpassed 2019 and 2020 for new builds and will likely pass 2019 and 2020 for rehabs next month. Still lots of missing data from St. Louis County.
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Wait a second. Considering One Hundred, Chroma, The Chelsea, Hue, OCW, etc... can Jan.-July of 2021 really be 3X all of 2019 and '20 combined? Were permits for most of those pulled in 2018?I know things a really rolling in a number of St. Louis neighborhoods, but that's not exactly brand new. Also, odd that the city would leap to 994 while the County sits at 3 so far in 2021.sc4mayor wrote: ↑Aug 31, 2021July. Single family:
Multi-family.
City has surpassed 2019 and 2020 for new builds and will likely pass 2019 and 2020 for rehabs next month. Still lots of missing data from St. Louis County.
^ Many County municipalities, including some large ones like Creve Coeur and U City, are not reported here. #Fragmentation
The top number is Jan-Jul of each year. The bottom number is the total. 2019 - 488, 2020 - 894
One Hundred and OCW were both issued in 2018, not reflected on here - time flieswabash wrote: ↑Aug 31, 2021Wait a second. Considering One Hundred, Chroma, The Chelsea, Hue, OCW, etc... can Jan.-July of 2021 really be 3X all of 2019 and '20 combined? Were permits for most of those pulled in 2018?I know things a really rolling in a number of St. Louis neighborhoods, but that's not exactly brand new. Also, odd that the city would leap to 994 while the County sits at 3 so far in 2021.sc4mayor wrote: ↑Aug 31, 2021July. Single family:
Multi-family.
City has surpassed 2019 and 2020 for new builds and will likely pass 2019 and 2020 for rehabs next month. Still lots of missing data from St. Louis County.
Edit - Looks like OCW was in 2019
- 9,634
The multi family rehab number for the city doesn’t mean much. A landlord of a 12 unit building can pull a permit to replace plumbing in one unit and it’s counted 12 times.