San Antonio Q2 Multifamily Market Insights: Continued Population Expansion Supporting Property Operations


  • The San Antonio multifamily market continued to strengthen during the second quarter as vacancies tightened, and rents climbed higher. The pace of new development should accelerate in the second half of the year.
  • Apartment vacancy improved by 40 basis points in the second quarter; this marked the fifth consecutive quarter where the rate fell. Year over year, vacancy has tightened by 180 basis points, falling to 4.7 percent as of the second quarter.
  • Rents in San Antonio continued to trend higher in the first half of 2022, expanding by 3 percent to $1,135 per month. In the past 12 months, asking rents have surged by 11.3 percent.
  • Activity in the local investment market has accelerated. Year to date, the number of properties that have changed hands increased by nearly 50 percent from the same period in 2021. In transactions where pricing is available, the median sales price was $129,600 per unit. Cap rates averaged 4 percent in the second quarter.

Read the report