November 2009

Click here to view as PDF.

The San Antonio multi-family sector had mixed results for the month of November, as occupancy rebounded while average rental rates per unit as well as per square foot declined significantly during the month.  Rents per unit have taken an especially hard hit in Class A properties as three straight months of declines have taken $2.36 off the average, leaving the current total for the class at $930.47.  Moving forward, we continue to expect mixed results from the sector as the under construction supply slowly chips away and occupancy takes the corresponding hit.

San Antonio apartment market occupancy increased 0.09 points over the month but is down 1.10 points over the previous year to 89.07%.  Rental rates per square foot decreased $0.002 in November to $0.861 psf, but are up $0.006 over last year’s level.  At $697.82, rent per unit reported a monthly decrease of $1.31 but is up $6.34 over the year.  Absorption in November was +106 units; annual absorption totals -229 units.

To subscribe or unsubscribe to this update, please send an email to Scott Sherrill or call
1-800-856-REAL (7325) ext. 4264.

O’Connor & Associates / Research & Consulting Group
Houston: 713-686-9955   Dallas: 214-727-5673