The key metrics of the San Antonio area multifamily sector were continued to record positive change.
For Class A properties, occupancy came down by 0.03% compared to the previous month to close at 94.7%. The average for this class also declined over the year by 0.17%. Other classes did not record any significant change over the month and over the year.
Average rental rates per square foot did not record significant changes over the month. Over the year, the average for Class A properties went up by $0.020 to close at $1.056 per square foot; for Class B properties the average went up by $0.027 to close at $0.885 per square foot.
Class B properties recorded the largest annual change in rental rates per unit. The average for this class increased by $20.99 compared to last year to close at $685.59 per unit. The average for Class A properties went up by $15.14 over last year to close at $959.26 per unit.
4,638 units are in the construction pipeline. 36% of these (1,703 units) are currently pre-leasing.
San Antonio Apartment Market
Rent / Unit
Rent / SF
Absorption in the San Antonio sector in June was negative (-32), while annual absorption totaled positive 1,362 units. 1,082 units are in the planning stage.
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O’Connor & Associates / Research & Consulting Group