June 2009
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June marked the second straight month of increases in occupancy and rents per unit, as well as positive absorption for the San Antonio multi-family market. This represents a much welcomed change for a market that had been accustomed to continually increasing vacancy rates with stagnating rents and negative absorption totals. As only a quarter of the under-construction supply is actively pre-leasing (24.4%), this trend could potentially continue into the next few months, considering the staggered delivery of new product.
San Antonio apartment market occupancy increased 0.06 points over the month, but is down 2.69 points over the previous year (88.64%). Rental rates per square foot were flat during June at $0.858 psf, but are up $0.004 psf above last year’s level. At $694.94, rent per unit reported a monthly increase of $0.08 and is up $3.97 over the year. Absorption in June was 85 units; annual absorption totals -1,967 units.San Antonio Apartment Market |
|
Occupancy |
88.64% |
Monthly Change |
+ 0.06% |
Annual Change |
- 2.69% |
Rent / Unit |
$ 694.94 |
Monthly Change |
+ $0.08 |
Annual Change |
+ $3.97 |
Rent / SF |
$0.858 |
Monthly Change |
+ $0.000 |
Annual Change |
+ $0.004 |
Monthly Absorption |
85 |
Annual Absorption |
- 1,967 |
Units U/C |
6,192 |
Units Planned |
5,820 |
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