The key metrics of the San Antonio area multifamily sector were mostly positive in April.
Overall occupancy continued its upward trend, with all classes recording significant changes over the month. The average occupancy for Class A properties went up by 0.53% to close at 94.74%. For Class B properties occupancy went up by 0.59% to close at 92.24%. Over the year, Class C properties recorded the largest increase (1.46%) to close at 90.14%.
While the overall average for rental rates per square foot recorded an increase, the average for Class A properties came down marginally. The average for Class A closed at $1.050, a decrease of $0.001 over the previous month. Over the year, the average for this class went up by $0.014 per square foot.
Rental rates per unit increased significantly over the month. The largest increase, both over the month and over the year, was recorded for Class B properties. The average for this class went up by $3.83 over the month and by $18.08 over the year to close at $682.06 per unit. The Class A average went up by $9.81 over the year to close at $953.33 per unit.
4,008 units are in the construction pipeline. Of these 1,206 units are pre-leasing.
San Antonio Apartment Market
Rent / Unit
Rent / SF
Absorption in the San Antonio sector in April was positive (730), while annual absorption totaled positive 1,705 units. 1,109 units are in the planning stage.
To subscribe or unsubscribe to this update, please send an email to Scott Sherrill or call
1-800-856-REAL (7325) ext. 4264.
O’Connor & Associates / Research & Consulting Group