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Market Report

San Antonio Multifamily Market
Report

2025 Investment Forecast

Sizable Contingent of Young Professionals
Underpinning Demand For Luxury Units

Affluent renters account for significant share of in-migration. San Antonio continues to grow at its borders with a near record number of apartments slated to open, heaviest in New Braunfels, Far Northwest and South San Antonio. Most of this pipeline, however, is comprised of Class B properties, allowing existing Class A assets to absorb much of the demand for luxury units this year. The metro continues to be popular with Gen Z and other young professionals, drawn by a lower cost of living compared with the Northeast and West Coast, as well as job opportunities at large companies headquartered here, such as USAA, Valero and H-E-B. Many migrating to San Antonio are unmarried, well educated and fall into the renter-by-choice demographic — a dynamic that has allowed Class A vacancy to hold below the metrowide average since 2023. Notably, submarkets in the western half of San Antonio have been highly sought-after by renters, especially in the Northwest where the median age is under 30. This area’s proximity to The University of Texas at San Antonio, combined with a direct travel route to downtown, allowed Class A vacancy here to enter 2025 in the mid-6 percent band. This local rate is likely to hold below the metrowide mean throughout this year.

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