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San Antonio Apartment Market Update

By: Pat Oconnor

In December, key metrics of the San Antonio area multifamily sector did not record significant changes over the previous month. Over the year, rental rates in particular recorded significant increases.

As with the other sectors, overall occupancy recorded a marginal decrease compared to November. On an annual basis, occupancy was up in all classes. The largest change was recorded in Class C properties; occupancy has gone up by 1.57%. For Class A properties occupancy increased by 1.14% to close at 94.6%.

Average rental rates per square foot also recorded improvements over the year. For Class A properties, rental rates were up by $0.009 over the year to close at $1.042 per square foot.

Average rental rates per unit for Class A properties continued to decrease on a month-on-month basis. The average decreased by $0.53 per square foot compared to November. Over the year, the average has increased by $6.71 to close at $948.64 per unit. The largest annual increase was recorded for Class B properties; the average increased by $8.31 to close at $671.59 per unit.

3,239 units are in the construction pipeline. Close to 46% of these are pre-leasing.
San Antonio Apartment Market Key Metrics

Occupancy

91.42%

Rent / Unit

$717.77

Rent / SF

$0.883

Monthly Change

-0.06%

Monthly Change

+$0.08

Monthly Change

-

Annual Change

+1.07%

Annual Change

+$7.88

Annual Change

+$0.010

Absorption in the San Antonio sector in December was negative (-80), while annual absorption totaled positive 1,861 units. 1,830 units are in the planning stage.

Article Source: http://articles.tiptopweb.info

In addition the data is useful to brokers who for example continually monitor Houston retail space leasing, Houston office space leasing, Fort Worth Industrial Space Leasing and Rental Data Dallas retail space leasing, Dallas industrial leasing, Market Studies and San Antonio apartments.

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San Antonio Apartment Market Update