July 2010

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Occupancy in the San Antonio area multifamily sector remained above the 90% margin for the second month running, although there was a decrease of 0.10 percent points over the previous month; the slide can be attributed to occupancy in Class A properties reducing by 0.41%. Average rents continued to record increases, with Class A properties leading the way both in rents per square foot ($0.006, $1.021) and rents per unit ($5.19, $930.98). While absorption continued to record positive numbers, the count came down by 482 units compared to last month. As expected, the under construction pipeline saw a reduction of only 400 units over the month. With almost 42% of the pipeline currently pre-leasing and continually increasing in rental rates, the market seems to indicate that metrics will continue to remain stable in the coming month.

San Antonio apartment market occupancy decreased 0.10 points in July to 90.02%, while it is up 1.26 points over the previous year. Rental rates per square foot increased $0.003 over the month to $0.864 per square foot. Over the year, per square foot averages are up $0.006. At $702.09, rental rates per unit posted a monthly increase of $2.84 and are up $6.99 over the previous year. Absorption in July was positive 40 units, while annual absorption totals positive 3,300 units.

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