San Antonio Multifamily Market
Despite a Marketwide Rise, Every Submarket Has
Fewer Units Available Than One Year Ago
Demand starts to moderate after a hot stretch. In the span of just 12 months, metro vacancy fell from a pandemic-era high of 6.8 percent to a historic low of 3.3 percent. The number of available rentals plummeted to just 7,200 units in the first quarter of this year. The last time the count was this low was in 2000, when the market had roughly 60 percent of the apartment inventory that it currently has. Given this exceptional tightness, it was expected that a normalization would eventually play out, and it did in the second quarter of 2022. Net absorption from April through June was measured at negative 1,600 units — the lowest quarter in over 20 years. Still, vacancy remains almost 250 basis points below the long-term average, and every submarket sustained a tighter rate relative to June 2021.