The key metrics of the San Antonioarea multifamily sector were mostly positive in May.
Overall occupancy in Class A properties did not change compared to the previous month. For Class B properties, the average went up by 0.4% over the month to close at 92.64%. Over the year, the largest change was noted for Class C properties for which occupancy went up by 1.83% to close at 90.53%.
Average rental rates per square foot recorded small upward changes for all classes. The average for Class A properties went up by $0.005 per square foot to close at $1.054 per square foot. The average for Class B went up by $0.002 to close at $0.882 per square foot.
Average rental rates per unit recorded significant changes for all classes. The average for Class A went up by $4.02 over the month to close at $957.35 per unit. Over the year, the largest increase was noted for Class B properties; the average for this class went up by $19.09 to close at $683.29 per unit.
4,638 units spread over 19 projects are in the construction pipeline. 31.5% of these (or 1,462) units are currently pre-leasing.
San Antonio Apartment Market
Rent / Unit
Rent / SF
Absorption in the San Antonio sector in May was positive (417), while annual absorption totaled positive 1,867 units. 1,082 units are in the planning stage.
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O’Connor & Associates / Research & Consulting Group