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Market Report

San Antonio Multifamily Market

3Q 2023

Construction Leads to Higher Vacancy Near-Term,
but the Metro is Primed for Renter Demand

New supply slated for growing submarkets. As of August, over 20,000 units were underway in San Antonio with delivery dates stretching into 2025. Mounting supply pressure has elevated vacancy, and the metric will increase by at least 100 basis points for the second year in a row. New supply is generally well-positioned, however, as Far Northwest San Antonio and New Braunfels-Schertz-Universal City are slated to welcome nearly 40 percent of units in the next three years. Both areas are home to fast-growing populations, warranting a development surge. Renter demand is strong in Far Northwest San Antonio, as vacancy here was under the overall metro rate in June, despite local supply doubling since 2007. New Braunfels-Schertz-Universal City was similarly positioned. While marketwide vacancy will increase near-term, the submarkets expecting the bulk of deliveries over the next three years are home to growing renter demand. 

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