St. Louis may be headed for apartment glut, some say
ST. LOUIS (AP) - The St. Louis region could be headed for a glut in upscale apartments.
The St. Louis Post-Dispatch reports that after a long dry spell that resulted from the housing bust of 2008, St. Louis is seeing an uptick in construction of multifamily buildings, both condominiums and apartments. The region is also seeing an increase in rehabilitation of existing apartment buildings.
But there are those who worry the trend may good too far, and that too many luxury projects are planned.
The rental market research firm Reis Inc. says rents are up 2.7 percent in the region over the past year, while vacancies are down to 4.5 percent. Vacancies were at 9 percent in 2009.