San Antonio Apartment Market Cools Quickly, Yet Demand Remains Steady
The San Antonio market has been among the weakest performing MSAs in the nation over the past year, as a once hot apartment market has turned negative quickly. All key indicators lag the national average and are also negative on both short and long-term bases. Traditionally a stable market with a heavy military influence, the San Antonio market has been a hotbed for in-migration, healthcare and tech growth in recent years. New supply and softening demand are the leading culprits to San Antonio’s recent performance, but long-term demographic projections continue to look bright for San Antonio. The I-35 corridor is one of the fastest growing regions in the country, as job growth, corporate relocation, and real estate development are thriving. In the coming decades, the Texas corridor from San Antonio to North Dallas could resemble the I-95 corridor in the northeast, with metropolitan areas growing into others, leading to one continuous metropolis.
San Antonio currently maintains the lowest occupancy rate of any market in the country according to Radix Research. At 92.6%, its occupancy rate trails the second weakest market, Atlanta, by 60 basis points. Net effective rents have fallen across the MSA, both on a weekly and annual basis as of mid-August. Traffic is down, however the number of leases signed is up slightly on an annual basis and is in line with the national average. While stability and growth will eventually return to San Antonio, it may take the next few years for fundamentals to rebalance.
Traffic and Leasing
Radix ProForma and Radix Research are powerful tools that work together to analyze multifamily real estate markets, like San Diego, and portfolios comprehensively. With Radix ProForma, development and acquisition teams can make proactive decisions based on real-time data and historical trends, giving them a crucial advantage in a rapidly changing economic environment.Leveraging Radix Research, stakeholders can benchmark and evaluate the performance of live properties and portfolios at submarket, market, and national levels, accessing a wide range of data analytics that streamline the research process. By using these products together, you can fully understand your current and potential markets to make informed decisions that drive success for your multifamily investments.
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