Key metrics of the San Antonio area multifamily sector were mostly positive in October.
Overall occupancy recorded a decrease for the second consecutive month, with occupancy coming down for all classes. Occupancy in Class B properties came down by close to a percentage compared to the previous month. Over the year, occupancy increased in all classes except Class D.
Average rental rates per square foot increased for all classes except Class A. The class A average ($1.042) represented a decrease of $0.001 over the month. The average for Class B increased by $0.003 to close at $0.866.
Rental rates per unit also recorded a marginal decrease over the month for Class A properties (-$0.21, $950.59) while improving by $13.04 over the year for that Class. The average for Class B properties improved by $2.21 over the month to close at $670.37 per unit.
3,039 units are in the construction pipeline, 38% of which are currently pre-leasing. Pre-leasing is underway in five communities, the largest of which will have 539 units.
San Antonio Apartment Market
Rent / Unit
Rent / SF
Absorption in the San Antonio sector in October was negative (-232) for the second consecutive month, while annual absorption totaled positive 1,882 units. 2,030 units are in the planning stage.
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O’Connor & Associates / Research & Consulting Group