San Antonio Q4 Multifamily Market Insights: With renter demand elevated, more supply on the way


  • San Antonio continues to expand, and with demand elevated, developers are moving additional supply through the pipeline. The market operated close to equilibrium throughout much of 2022, but there could be added supply-side pressures in the coming year.
  • Vacancy ended 2022 at 5.1 percent, down 10 basis points from one year earlier. The rate edged higher during both the third and the fourth quarters.
  • Rents in San Antonio have remained in a very tight range in each of the past three quarters. Asking rents ended the fourth quarter at $1,135 per month, matching the figure from the second quarter. For the full year, rents rose 3 percent.
  • Investment activity was elevated in the first half of the year and then cooled in the second half. In transactions where pricing is available, the median sales price reached $111,600 per unit in 2022.

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