September 2010

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The San Antonio area multifamily sector continued to display positive trends during the month of September. Overall vacancy remained less than 10% for the fourth straight month, with Class A vacancy being the least (6.42%, 93.58%). The sector also posted positive absorption on a monthly as well as annual basis, although monthly absorption figures were down by more than 250 units from August. Average rental rates per unit as well as per square foot increased significantly during the month, with Class A properties leading all classes with an increase of $2.07 ($934.01) per unit and $0.003 ($1.025) per square foot. With a minimal amount of the construction pipeline currently pre-leasing and no significant deliveries anticipated in the coming month, the key metrics in the market are expected to remain stable during October.

San Antonio apartment market occupancy increased 0.29 points in September to 90.74%, and is up 1.49 points over the previous year. Rental rates per square foot increased by $0.001 to $0.865 per square foot while the average over the last twelve months is up $0.003. Rental rates per unit increased by $0.85 over the month to $703.62 and by $5.15 in the twelve month rolling period. Absorption in September was positive 409 units, while annual absorption totals positive 3,514 units.

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