Friday, August 19, 2016

San Antonio Ranks High In Apartment Construction

It is not that much of surprise that far Northwest San Antonio was recently ranked by multifamily real estate analyst group, MPF Research, as the 9th busiest submarkets in the nation for apartment construction. Driving around the city it is evident that San Antonio is growing and therefore so is new apartment development, especially in far Northwest San Antonio. New apartment projects have sprouted all over far Northwest San Antonio, such as The Frankel Family Trust and Legacy Alliances’ Luxe Villas at The Rim, and many are still in the pipeline or preparing to launch soon.  

In the past five years the far Northwest area of San Antonio has added more than 4,000 units, and over 2,000 are planned for the end of this year’s first quarter. Apartments also rent for much more in the 9th busiest submarket in the nation. An apartment in far Northwest San Antonio averages $1,200 a month, which is substantially higher than the city’s average of $900 a month, but these higher than average rent rates do not keep tenants away. Occupancy remains high with over 90% of units occupied, even as rents continue to climb by more than 3% in the first quarter alone.

So where's the best part of town to rent in? Well it all depends on who you ask. Still confused? Give us a call! Our apartment finders know the real scoop of what's going on in the city when it comes to new and existing apartment developments and are experts in the apartment inventory in San Antonio!