San Antonio 3Q23 Multifamily Market Insights Report: Class A sales provide a spark in the third quarter

Highlights:

• Operating conditions in the San Antonio multifamily market softened during the third quarter, as asking rents inched lower while the vacancy rate trended higher. Developers are active, with roughly 5,900 units completed year to date and another 15,505 units under construction.
• The vacancy rate rose in recent months after improving slightly in the preceding quarter. Area vacancy trended higher by 60 basis points during the third quarter to 6.5%. Year over year, the rate has climbed by 150 basis points.
• Asking rents inched lower to $1,150 per month, but rents are slightly higher than one year ago. Asking rents have advanced 1.4% during the past 12 months after double-digit gains throughout much of 2021 and 2022.
• Multifamily sales activity picked up in recent months although year-to-date sales velocity is down from 2022 levels. In sales where pricing was available, the median price to this point in the year is $114,000 per unit, essentially unchanged from last year.

Read the report, or engage with our San Antonio office to learn more.