San Antonio Apartment Market Update

Market Summary

• The key metrics of the San Antonio area multifamily sector recorded positive changes in February. 
  
  
• Overall occupancy recorded a marginal increase; however, occupancy came down for Class A and Class B properties. For Class A properties occupancy stood at 93.90%, a 0.33% decrease from the previous month. Occupancy in Class B properties was 91.43%, a decrease of 0.02% over the previous month. Occupancy in Class C properties stood at 89.50%, a slight increase from January.
  
  
• Average rental rates per square foot recorded a marginal increase over the month for all the classes. On a year-on-year basis, the rental rates for Class A properties went up by $0.011 to close at $1.046 per square foot. Over the year the average for Class B properties went up by $0.013 per square foot to close at $0.871 per square foot.
  
  
• Rental rates per unit increased significantly over the month. For Class A properties, the average went up $1.91 over January to close at $950.71 per unit. The largest increase over the year was noted for Class B properties. The average for this class went up by $9.48 per unit to close at $673.90 per unit.
  
  
• 3,712 units are in the construction pipeline. 31.3% of these (or 1,162 units) are pre-leasing.

San Antonio Apartment Market Key Metrics

 Occupancy

91.40%

 Rent / Unit

$720.76

 Rent / SF

$0.886

 Monthly Change

+0.03%

 Monthly Change

+$2.92

 Monthly Change

+$0.003

 Annual Change

+0.62%

 Annual Change

+$9.90

 Annual Change

+$0.012

Absorption in the San Antonio sector in February was positive (6), while annual absorption totaled positive 1,514 units. 1,109 units are in the planning stage.