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The San Antonio apartment market is a little more affordable for renters than it was a year ago.
MRI Real Estate Software reported that the combined average rental rate in San Antonio was $1,168 in January, which is a drop of 1.7% over the past 12 months.
The market appeared to be a little overbuilt at the moment with an occupancy rate of 86%.
About 14, 528 units have recently opened across the city, but only about half of those have been absorbed by the market.
There are 8,890 apartments under construction locally and another 16,679 proposed for construction.
Landlord concessions such as special move-in rates and some free months are commonplace locally to lure in renters. Those specials are usually prorated over the entire term of a lease.
Only Austin had a lower occupancy rate than San Antonio among major Texas cities at 84.1%. The same rate stood at 88.8% in Dallas-Fort Worth and 88.7% in Houston.
The gap between the demand for apartments and the number of apartments available may not last for long because the San Antonio market remains among the fastest growing in population in the nation.
The U.S. Census Bureau reported San Antonio added 22,000 new residents just in 2023.
