The San Antonio multifamily sector metrics remained positive in May, while not recording any significant change over the previous month.
Occupancy improved by a small margin with both Class A and Class B properties recording increases of almost 0.3% each.
Rental rates per square foot remained unchanged for the fourth consecutive month.
The rental average per unit remained mostly unchanged. Class A properties recorded a decrease of -$0.15 per unit on average, whereas the Class C average improved by half-a-dollar.
Absorption was positive overall; Class A properties recorded absorption at positive 115 and Class B properties recorded absorption of positive 135.
Class A and Class B properties constitute a third each of the total projects in the pipeline. Less than 175 units are expected to be delivered in May which should have very minimal impact on key metrics.
San Antonio Apartment Market
Rent / Unit
Rent / SF
Absorption in the San Antonio sector in May was positive 252, while annual absorption totals positive 2,858 units. Units under construction numbered 1,540 while units planned numbered 1,163.
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O’Connor & Associates / Research & Consulting Group