April 2012

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Market Summary

• 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.

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.

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