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San Antonio Region - 2nd Quarter 2023

Rental rates in the San Antonio area reached a market high of $1.49 psf at this time last year, and that rate held steady for the next three quarters until it decreased slightly, falling .56% to $1.48 psf during the second quarter. Occupancy rates have been in a steady decline since the end of 2021, falling .7% in the latest quarter to reach 90.6% - the lowest rate seen since 2010. This lack of occupancy, coupled with new units entering the market, has left the once stellar absorption levels struggling to stay positive. This trend is expected to continue, as there are over 27,000 units currently under construction and roughly 45% are expected to complete during the next year, further taxing a market that is already struggling to maintain occupancy. Investor interest, which contributed to record sales during 2021 and 2022 when sales averaged 40 per quarter, has started to cool, with only eight reported sales during the latest quarter - a total of 29 since the beginning of the year.