San Antonio has seen a steady stream of supply this cycle, but deliveries appear to have been moderating over the past couple of years. In the year-ending 1st quarter 2019, San Antonio’s apartment inventory expanded 2.8%, with the delivery of 5,508 units. That was the 16th consecutive quarter in which annual supply topped 5,000 units. However, it was also the lowest volume since mid-2015 and about 19% percent below the apparent cycle peak in 3rd quarter 2017. In the current cycle that began in 2010, expansion has averaged roughly 4,900 units a year, with the stock growing an average of 2.7% annually. That’s well above the market’s historical norm of nearly 3,800 units delivered annually, or 2.3% growth. Expansion should ease closer to the historical norm over the next year, as stock is set to grow 2.1% with the completion of 4,367 units.
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