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Much like the rest of the major Texas markets, the San Antonio area multifamily sector experienced an overall positive month. The sector continued to register less than 10% vacancy for the third consecutive month, coming in second only to the Austin area. At 93.3%, occupancy in Class A properties was the highest in that class across all four markets. Absorption figures went up by 630 units over July and the under construction pipeline also saw a reduction of over 240 units. Average rental rates per square foot remained essentially flat for all classes, while average rental rates per unit registered an increase of close to a dollar for both Class A ($0.96, $931.94) and Class B ($0.92, $658.99) properties. With just over 30% of the construction pipeline currently pre-leasing and minimal deliveries expected in the near future, it is expected that metrics will not register vast changes in the coming month.
San Antonio apartment market occupancy increased 0.43 points in August to 90.45%, and is up 1.47 points over the previous year. Rental rates per square foot remained unchanged over the month at $0.864 per square foot while per square foot averages are up $0.003 in the rolling twelve month period. Rental rates per unit posted a monthly increase of $0.68 to $702.77 and are up $4.47 over the previous year. Absorption in August was positive 670 units, while annual absorption totals positive 3,490 units.
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