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San Antonio Performance Strengthens as Construction Eases

San Antonio Performance Strengthens as Construction Eases

Performance in San Antonio’s multifamily market has logged serious momentum recently. Occupancy has climbed 120 basis points thus far in 2019, hitting a 3rd quarter rate of 94.6% – a seven-year high for the Texas market. Annual rent growth has more than doubled in the past year, reaching 3.3% in 3rd quarter 2019. This rent growth upswing came after a lull that lasted for most of 2017 and 2018. The biggest factor in San Antonio’s recent improvement has been a slowdown in new completions. After inventory growth peaked at 3.6% in early 2016, building has steadily tapered off, dropping to less than half that rate (1.4%) in 3rd quarter 2019. Supply is forecasted to pick up marginally over the next year but inventory growth should remain well below the market’s five-year average of 3%.

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