San Antonio Q1 Multifamily Market Report: Sales Activity in Newer Assets Pushes Prices Higher
Highlights:
- With property fundamentals stabilizing and investment activity strengthening, the San Antonio multifamily market got off to a
strong start to 2021. The outlook calls for continued improvement, although the development pipeline remains full, and deliveries will be near all-time highs for the third time in four years. - The local vacancy rate dipped 10 basis points to 6.6 percent during the first quarter, the first quarterly drop in nearly two years. Despite the improvement in the first three months of 2021, the current rate is up 50 basis points from one year earlier.
- Rents have been steady throughout the past several quarters. Asking rents inched higher to start the year, ending the first quarter at $991 per month, up 0.3 percent year over year.
- Sales of apartment properties are ahead of the pace established in 2020, and pricing has trended higher. In transactions where pricing information was available, the median price spiked to approximately $145,000 per unit.
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