San Antonio Multifamily Market
Shrinking Availability Shows a Need for
Construction, but the 2022 Pipeline is Small
Economic recalibration factors into upper-tier performance. The job counts of the major labor segments last year relative to their respective 2019 measures reveal that higher-wage sectors accounted for a notable percentage of the metro's employment growth. The professional and business services segment added nearly 12,000 personnel over that two-year stretch, while trade, transportation and utilities was the only other sector to add at least 6,000 positions. This indicates that San Antonio's economy is transforming. Historically rooted in tourism and military operations, the metro now draws more companies in the tech and financial industries. This correlates with the ongoing Class A vacancy reduction, as more residents have incomes to support renting at higher-quality properties with amenities. Entering April, half of the 14 submarkets had sub-3 percent Class A vacancy.