San Antonio Q3 Multifamily Market Report: Vacancies Dip to Four-Year Low, Rents on the Rise


  • The third quarter proved to be a particularly strong period of apartment property performance in San Antonio, setting the stage for a healthy close to 2021 and a brightening outlook for 2022. The strengthening economy has sparked absorption of rental units and is the primary driver of the improving market fundamentals.
  • Vacancy dropped 120 basis points during the third quarter, falling to 5.3 percent. The rate is down 110 basis points year over year and has reached its lowest point since 2017.
  • The pace of rent growth gained momentum in recent months. Asking rents advanced 4.3 percent in the third quarter, and at $1,064 per month, are up 7.6 percent from one year earlier.
  • The local investment market sustained the momentum from the first half of the year. The pace of transaction activity continued to accelerate, while prices rose and cap rates continued to compress. In sales where pricing information is available, the median price has risen to $133,400 per unit.

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