Friday, November 20, 2015

Occupancy In the Alamo City

Apartments continue to remain popular among San Antonians! 

The multi-family market in San Antonio has seen a steady rise in occupancy rates even with apartment construction consistently evolving throughout the city. Although San Antonio experienced a slight drop in occupancy rates during the third quarter, it has still managed to maintain an overall stellar rate compared to this time last year. 

In the last couple of months a lot has occurred in the Alamo City to cause a dip in the apartment occupancy rate. Not only did we start to see a rise in homeownership but there was an influx of new apartment units absorbed into the local market. To top it off the hospitality/leisure industry suffered a reduction to their workforce which might have caused renters not to renew their leases. With a projected slow fourth quarter in the horizon occupancy rates are expected to lead with the same trends. 

With higher occupancy come higher rent prices for San Antonio renters. Rent prices have continued to soar, and it is evident in the almost 5% increase from this time last year. It is safe to say that landlords are getting asking rent, while offering even fewer concessions. 

Several communities in San Antonio have seen the most multi-family growth this quarter and continue to see expansion. The Southeast, Kerrville, South Central, and Far Northwest parts of San Antonio have all had an increase in occupancy during third quarter reporting.  Even with absorption of several hundred new units the Far Northwest community has continued to maintain increasing occupancy rates for two quarters in a row.  

Just because apartment rent is on the rise does not mean you have to pay more.  Our licensed apartment locators work daily to secure the best deals for your dollar. Contact us and let us help you find you the apartment in your budget in your desired part of town!