And there were articles last winter talking about how StL had seen some the greatest rental increases of any metro during the pandemic.
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Don’t have one on hand but you can go back and look at the Zumper data. They were recording some major jumps. Could definitely be that we spiked early and have since stagnated (and even declined).OnTheEdge wrote:^Source please?
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Honestly pretty surprised by that, but Redfin doesn’t have the best multifamily data. I’ll look at costar next week, which is much more reliable in my opinion.
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Zumper shows a 12.4% decline year-over-year in STL on one bedroom rents but only a 0.80% decline on two bedrooms https://www.zumper.com/blog/rental-price-data/ Yes, similar to Redfin tho, Zumper is showing a lot of major year-over-year jumps in other markets. Interesting.SeattleNative wrote: ↑Nov 26, 2021Don’t have one on hand but you can go back and look at the Zumper data. They were recording some major jumps. Could definitely be that we spiked early and have since stagnated (and even declined).OnTheEdge wrote:^Source please?
I was looking for an apartment a few months ago and since moving into a new place have kept up with listings from time to time and anecdotally rents for most apartments still seem to be going up.
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Scroll back through the thread and/or use the search function. It was a prominent topic of discussion since you’ve been a poster here.OnTheEdge wrote: ↑Nov 26, 2021^Source please?
It's possible that 100 Kingshighway had an outsized influence on some of the fall 2020 increase estimates. Move-ins started on Sept. 1, 2020, and at that time there were around 230 units on the market, obviously at the absolute highest end of the market. The last couple months (when the most recent Redfin and Zumper data was likely pulled from) the 100 Kingshighway inventory has been below 100 units. I can't remember all of their move-in timelines off the top of my head, but any residual inventory at Chroma, Citizen Park, Euclid, and OCW - which have essentially all now been leased up - could have helped pull the median rents higher.OnTheEdge wrote: ↑Nov 27, 2021Zumper shows a 12.4% decline year-over-year in STL on one bedroom rents but only a 0.80% decline on two bedrooms https://www.zumper.com/blog/rental-price-data/ Yes, similar to Redfin tho, Zumper is showing a lot of major year-over-year jumps in other markets. Interesting.SeattleNative wrote: ↑Nov 26, 2021Don’t have one on hand but you can go back and look at the Zumper data. They were recording some major jumps. Could definitely be that we spiked early and have since stagnated (and even declined).OnTheEdge wrote:^Source please?
Point being, the recent decrease could be the result of new, premium inventory at the top of the market getting leased up, bringing down the median of what's actually on the market (which seems like a more likely metric for them to aggregate than calculating actual existing leases, which would be much harder to track). A good experiment would be to see if the Redfin/Zumper metrics tick up the month after 4545 Laclede starts publicly marketing its inventory.
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That seems possible, but pretty sure both the Zumper and Redfin data is pulling MSA data and therefore the luxury units on the market in CWE probably wouldn’t be enough to skew the medianswabash wrote:It's possible that 100 Kingshighway had an outsized influence on some of the fall 2020 increase estimates. Move-ins started on Sept. 1, 2020, and at that time there were around 230 units on the market, obviously at the absolute highest end of the market. The last couple months (when the most recent Redfin and Zumper data was likely pulled from) the 100 Kingshighway inventory has been below 100 units. I can't remember all of their move-in timelines off the top of my head, but any residual inventory at Chroma, Citizen Park, Euclid, and OCW - which have essentially all now been leased up - could have helped pull the median rents higher.OnTheEdge wrote: ↑Nov 27, 2021Zumper shows a 12.4% decline year-over-year in STL on one bedroom rents but only a 0.80% decline on two bedrooms https://www.zumper.com/blog/rental-price-data/ Yes, similar to Redfin tho, Zumper is showing a lot of major year-over-year jumps in other markets. Interesting.SeattleNative wrote: ↑Nov 26, 2021Don’t have one on hand but you can go back and look at the Zumper data. They were recording some major jumps. Could definitely be that we spiked early and have since stagnated (and even declined).
Point being, the recent decrease could be the result of new, premium inventory at the top of the market getting leased up, bringing down the median of what's actually on the market (which seems like a more likely metric for them to aggregate than calculating actual existing leases, which would be much harder to track). A good experiment would be to see if the Redfin/Zumper metrics tick up the month after 4545 Laclede starts publicly marketing its inventory.
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At least for the Zumper data there are a lot of cities listed that are much more granular than the MSAs they're a part of. Oakland, Santa Ana, Anaheim, and Long Beach, CA; Gilbert, Mesa, Glendale, and Chandler, AZ; Plano, Irving, and Arlington, TXSeattleNative wrote: ↑Nov 27, 2021That seems possible, but pretty sure both the Zumper and Redfin data is pulling MSA data and therefore the luxury units on the market in CWE probably wouldn’t be enough to skew the medianswabash wrote:It's possible that 100 Kingshighway had an outsized influence on some of the fall 2020 increase estimates. Move-ins started on Sept. 1, 2020, and at that time there were around 230 units on the market, obviously at the absolute highest end of the market. The last couple months (when the most recent Redfin and Zumper data was likely pulled from) the 100 Kingshighway inventory has been below 100 units. I can't remember all of their move-in timelines off the top of my head, but any residual inventory at Chroma, Citizen Park, Euclid, and OCW - which have essentially all now been leased up - could have helped pull the median rents higher.OnTheEdge wrote: ↑Nov 27, 2021Zumper shows a 12.4% decline year-over-year in STL on one bedroom rents but only a 0.80% decline on two bedrooms https://www.zumper.com/blog/rental-price-data/ Yes, similar to Redfin tho, Zumper is showing a lot of major year-over-year jumps in other markets. Interesting.
Point being, the recent decrease could be the result of new, premium inventory at the top of the market getting leased up, bringing down the median of what's actually on the market (which seems like a more likely metric for them to aggregate than calculating actual existing leases, which would be much harder to track). A good experiment would be to see if the Redfin/Zumper metrics tick up the month after 4545 Laclede starts publicly marketing its inventory.
Anecdotally, I know a few people who moved here from the coasts in mid 2020 and have since moved back as they started returning to the office.
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I suspect with the pandemic impacts we're getting more noise than usual with these kinds of reports, which can be rather limited to begin with. But while I wouldn't put too much stock into the varying numbers, I can buy into the general narrative that median rent for STL listings were up more in 2020 than in 2021. Fwiw, I believe Zumper collects more rental data than Redfin and its November 2020 report had STL with one of the nation's biggest jumps over 2019 (15.5% for 1 beds and 14.4% for 2 beds) while many cities had dropped.
Also, it seems that this discussion would be better in a thread discussing larger housing markets... not sure if there is one created yet. And if anyone has seen a recent report on the Downtown STL housing market that would be great to post.
Also, it seems that this discussion would be better in a thread discussing larger housing markets... not sure if there is one created yet. And if anyone has seen a recent report on the Downtown STL housing market that would be great to post.
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Dose downtown have any neighborhood facebook groups were neighbors and residents interact organized ect? ( like tower grove and fox park fb groups)If not I was planning to start one when I move downtown in January.
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Downtown has the biggest neighborhood association in the city.seanmcelligott28 wrote: ↑Dec 01, 2021Dose downtown have any neighborhood facebook groups were neighbors and residents interact organized ect? ( like tower grove and fox park fb groups)If not I was planning to start one when I move downtown in January.
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Interesting little bug in the residential & commercial markets.
https://www.ft.com/content/c59b7eed-3b7 ... 12de8aace6
"Biden administration to target money laundering in US real estate market"
https://www.ft.com/content/c59b7eed-3b7 ... 12de8aace6
"Biden administration to target money laundering in US real estate market"
The White House is paying particular attention to all-cash transactions in commercial and residential real estate, which senior officials warned were often conducted through shell companies and used to launder money. It has proposed a nationwide expansion of reporting requirements that currently apply to all-cash purchases of residential properties valued at $300,000 or more in 12 metropolitan areas.
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1815 Locust (Tire Mart) that just opened is 50% leased. Same company just finished the Board of elections building at Tucker and Olive and had the first 2 units move in over the weekend. They're planning on another building in downtown west.
^ Nice. Good to hear. Looking forward to hearing about their next project. There are only a few empty buildings left in the area - each of them would obviously be a "win".
Who could it be...
BTW, Google Earth is great. Cannot recommend enough.
BTW, Google Earth is great. Cannot recommend enough.
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Really hoping for 1706 Olive or 1709 Locust with the Powerhouse. I've always had a small dream of the powerhouse being converted into racquetball and squash courts. Would make a pretty grand entry hall for a grocery store too.
The old powerhouse has ceilings like the height of the armory almost. Anything to go in there would be a slam dunk.
I've heard that Screaming Eagle's next project is directly behind their Tire Mart redevelopment.
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I believe that's the one in question. That developer was Michael Knight of Kansas City (the Monogram building guy). Seems he dropped that project.