San Antonio Q2 Market Report: Market Conditions Mostly Stable Through the First Half


  • The San Antonio multifamily market posted relatively steady results in the first half of the year. Rents are up, absorption has remained positive, although vacancy has inched higher in recent quarters.
  • Apartment vacancy rose 10 basis points in both the first and second quarters, with the rate reaching 6.2 percent, 60 basis points higher than one year earlier.
  • Asking rents finished the second quarter at $990 per month, 2.2 percent higher than one year ago. Rent growth has averaged nearly 4 percent per year since 2015.
  • Investment activity in San Antonio slowed during the first half of the year, reflecting trends recorded across most major markets in the country. In transactions where cap rates are available, cap rates have averaged 5.2 percent in 2020, nearly identical to levels from last year.

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