January 2009

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The San Antonio market posted another decrease in occupancy during the month of January, signaling that the trend of steadily rising rents may soon be over. For the moment, average rental rates per square foot continued to increase for the month of January, as did overall rents per units, albeit very slightly. The increasing vacancy rates also foretell of increasing concessions, as struggling communities attempt to lure new residents.

San Antonio apartment market occupancy decreased 0.57 points over the month, and is down 1.76 points over the last 12-month period to 89.01%. Rental rates per square foot were increased in January to $0.857 psf, and are $0.008 psf above last year’s level. At $693.14, rent per unit reported a monthly increase of $0.67, and is up $7.49 over the year. Absorption in January was -714 units; annual absorption totals -737 units.

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