San Antonio Q3 Multifamily Market Report: Apartment Developers Active, but Rents Remain Stable


  • The San Antonio multifamily market posted mostly steady performance during the third quarter. Developers brought a wave of new units to the market, but the additional supply should be absorbed over a period of a few quarters.
  • Vacancy ticked higher in the third quarter, rising 20 basis points to 6.4 percent. Year over year, the local vacancy rate has increased by 50 basis points.
  • Asking rents were essentially flat, finishing the third quarter at $989 per month. Local asking rents are 1.2 percent higher than they were 12 months ago.
  • The investment market picked up where it left off prior to the coronavirus shutdown. The median price reached approximately $88,200 per unit, nearly identical to the 2019 median. Cap rates have averaged 5.1 percent this year, down 10 basis points from the average cap rate in 2019.

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