Thursday, September 24, 2009

Downtown Housing: Gaining Residents, Ready for More Units

The Partnership for Downtown St. Louis issued its Mid-Year 2009 Housing Report, which yielded some encouraging figures.

The first bit of good news is that downtown gained nearly 400 residents in the first half of 2009.

The second bit of good news is that nearly 300 condominium units were converted to apartments, stabilizing the occupancy rate of for sale units.

Here's a quick rundown of the numbers:

Population
− 12,409 residents: 5,000+ new residents since 2000
− 3% increase in residents over December 31, 2008

Residential Occupancy
− 89% for all units
− 86% for sale units
− 90% for all rental units
− 90% for market rate rental units
− 89% for below market rate rental units
These statistics indicate that the downtown market would be able to accomodate the addition of more residential units. Hopefully we'll see projects like The Alexa, the Ballpark Lofts, the Jefferson Arms and the Leather Trades begin construction in the near future.

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