The San Antonio multifamily sector metrics continued to be positive in June.
Occupancy improved by close to 0.1% overall with Class A and Class C properties recording increases. Occupancy in Class A properties stood at 94.8%, second to only to Austin.
Average rental rates per square foot improved slightly for Class A properties while remaining unchanged for the other classes. The average rental rate per unit went up for all classes, with the Class A average recording an increase of $0.75 compared to the previous month’s figure.
Overall absorption was positive with only Class D properties recording negative net absorption. Absorption for Class A properties was positive 181 units.
Two of the five projects currently under construction are pre-leasing, which represents 25% of the 1,338 units in the pipeline.
San Antonio Apartment Market
Rent / Unit
Rent / SF
Absorption in the San Antonio sector in June was positive 473, while annual absorption totals positive 2,811 units. 952 units are in the planning stage.
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O’Connor & Associates / Research & Consulting Group