San Antonio Multifamily Market
Report

Rent growth returns as development slows. San Antonio’s affordability continues to attract young adults, earning the metro a top-five ranking nationwide for population growth among 20- to 34-year-olds over the past three years. This demographic shift is supporting an expanding job base, with San Antonio projected to rank second in employment growth among major U.S. markets in 2026. Anchored by healthcare, government, and defense sectors, the metro’s economy is expected to remain resilient even as national job growth slows. With fewer apartment completions on the horizon, vacancy is projected to stand roughly 200 basis points below its 2023 peak, setting the stage for a reversal of the three-year rent-decline trend. Despite its midsized population and apartment inventory, San Antonio currently has the highest vacancy rate and the lowest average rent among major U.S. metros. This combination suggests upside potential from migration even as new supply continues to contract and demand stabilizes. These conditions are expected to support a more balanced rental market, especially in areas with limited future development.