Friday, May 6, 2016
San Antonio is a strong apartment market and continues to grow in size every day. More and more people are moving to San Antonio, it is no wonder that the city has made space for over 4,000 new units in the past year. San Antonio is the place to be if you are looking for a great job and affordable lifestyle, and recently has taken a big bite into the luxury multi-family market.
So what deems an apartment as luxury? First-class amenities such as rooftop cabanas and gardens, Starbucks cafes, infinity pools, and pet parks with outdoor washing stations of course! During 2015, every new apartment complex developed was classified as a luxury development. The Alamo City delivered 17 apartment complexes during 2015, and all 17 were Class A high-end rentals. San Antonio is just getting better with time and it is apparent when we look back to 2012 where only 3 of the 4 developments were luxury. This is a new level of luxury for San Antonians!
As renters continue to find themselves struggling to keep up with the rising rent prices, the luxury trend continues to climb nationwide. San Antonio shares the highest percentage of high-end rentals alongside cities like Kansas City and Jacksonville, according to our friends at RentCafe. Texas alone had 103 luxury rental properties delivered, leaving only six as non-luxury. With the influx of new luxury developments and the rising rent prices, we anticipate that the older Class B and C units will soon priorities upgrades and renovations to try to keep up with the joneses.