The 122,224-unit St. Louis apartment market was strong and balanced in early 2017. The 254-unit Alinea at Town & County and the 217-unit Citizen Park, both in the city of St. Louis, had completed construction by April, but the 4.6% vacancy rate that month was up just 10 basis points year-to-date. Rent gains were strong in 2016 with increases of 4.2% asking and 4.7% effective, the most since 1996—a time when overall inflation was much higher. But the increases have moderated this year. In the first quarter, the average asking rent increased 0.3% to $860 per month, and the average effective rent was up 0.2% to $823 per month. This reduced the year-over-year gain to 3.9% by both measures. The overall asking average increased 0.6% in April, but the average effective rent rose just 0.1%.