San Antonio Q4 Multifamily Market Report: Investment Activity Steady, Despite Construction Spike


  • Apartment construction in San Antonio was elevated in 2020, and the rise in new units put upward pressure on vacancy. Developers have been active in bringing new projects online to align with the area’s long-term demand drivers.
  • Vacancy crept up 30 basis points in the fourth quarter, ending the year at 6.7 percent. For the full year, the rate rose 70 basis points.
  • While several markets recorded rent declines in 2020, conditions were far more stable in San Antonio. Asking rents were essentially flat all year, finishing 2020 at $989 per month, up 0.6 percent from one year earlier.
  • Investment activity was very consistent during the second half of the year, and sales velocity in the fourth quarter closely tracked levels from the previous three-month period. The median price in 2020 was approximately $90,000 per unit, nearly identical to the median price one year earlier, while cap rates dipped 20 basis points on average to 5 percent.

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