One of the significant changes occurring in the downtown Saint Paul area over the past decade has been the rapid expansion in the residential population. From 2010 to 2021 the number of people calling the Saint Paul CBD home has increased from 4,862 to 10,572, resulting in a growth rate of 117%. This change is being driven by high occupancy levels in both owner-occupied and rental units, and the construction of 3,372 apartments during this time period. Apartments currently have a vacancy rate of 9.6%. Since 2010 the total number of apartments in downtown has grown by 93%.
Even with the events that have occurred nationally over the past year, including the pandemic and civil unrest, this data demonstrates the national trend toward “re-urbanization” continues to have a significant impact on downtown Saint Paul. More people living in a downtown environment increases the demand for retail and entertainment. In the long run, growth in these categories will fuel greater demand for office space. This is why residential growth can be a precursor to an improved office market. With over 1,000 rental units under construction, this trend should continue in downtown St. Paul.
|Year||Owner Occupied Units||Rental Units||Total Units||Owner Occupied Pop||Rental Pop||Total Pop|
Residential data provided by Maxfield Research