Saturday, June 24, 2017
As San Antonio continues to outpace the national average, multifamily investors prepare to keep up with the housing demand. According to new reports, the Alamo City will need 53,000 new apartments by 2030 and many of those new apartments have already begun to pop up.
In the past year, San Antonio added 6,000 new apartments, many of which fall in the far northwest and far west areas of town. Construction in central San Antonio also remains hot with 1,800 new units currently undergoing construction. On top of the growth in inventory, average rent prices climbed to a $951 average with the highest rent average in the city being located in the Alamo Heights area at $1,238 a month. Even as the rent rate continues to climb, as much as 4.5% increase, vacancy in the 2nd quarter fell in Class C apartments but rose in Class A apartments.