San Antonio Apartment Market Update

Most key metrics of the San Antonio area multifamily sector recorded positive changes in September

.

For Class A properties, occupancy went down by 0.86% over the month to close at 94.62%; over the year occupancy for this class decreased by 0.55%. For Class D properties, occupancy went up by 0.45% over the month to close at 88.9%.

Average rental rates per square foot also recorded positive change over the month. The average for Class A properties went up by $0.002 over the month and by $0.032 over the year to close at $1.075 per square foot. For Class D properties, the average went up by $0.004 over the month to close at $0.772 per square foot.

Class B properties recorded the largest annual change in rental rates per unit. The average for this class increased by $24.76 compared to last year to close at $692.92 per unit. The largest month-on-month change was noted for Class D properties; the average went up $2.83 over August.

5,217 units are in the construction pipeline. 22% of these (1,164 units) are currently pre-leasing.

San Antonio Apartment Market Key Metrics

Occupancy

92.66%

Rent / Unit

$741.24

Rent / SF

$0.911

Monthly Change

-0.21%

Monthly Change

+$2.11

Monthly Change

+$0.002

Annual Change

+0.55%

Annual Change

+$25.75

Annual Change

+$0.032

Absorption in the San Antonio sector in September was positive (+178), while annual absorption totaled positive 1,684 units. 831 units are in the planning stage.

Quality real estate market data provides decision makers the information to make informed decisions. OConnor & Associates has been providing market data since 1988. Timely, accurate real estate data also provides the information our real estate appraisers, consultants, and property tax consultants need. Our ability to research, analyze and interpret market trends is a major reason for why developers and acquisition experts rely on OConnor & Associates for market studies, feasibility studies, rent studies, tax credit studies, project design guidance, property performance valuation and lease audits. OConnor & Associates is an acknowledged source of trends in real estate investing and market activity. Lenders, appraisers, developers, investors, tenants and real estate brokers are just some of the real estate professionals who regularly need real estate market data. They seek timely raw data and summary statistics regarding the market and submarkets. OConnor & Associates has been providing this information since 1988.

by: Pat Oconnor

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