All metrics for the San Antonio area multifamily sector recorded positive changes in November. Overall occupancy remained over 90% for the seventh month running. Class A properties recorded occupancy of almost 94%, coming in second only to the Austin area multifamily sector. Occupancy in Class B properties posted over 91% for the first time in two years. Absorption returned to positive figures in November though it was only less than half of the number of units absorbed in November 2009. Class B properties recorded the highest amount of units absorbed. Average rental rates increased both on per square foot and per unit basis, with Class A properties recording the maximum increase – $0.003 per square foot, $2.12 per unit – among all the classes. Less than 20% of the construction pipeline is currently pre-leasing and with no deliveries anticipated in the coming month, the key metrics in the market are expected to remain stable during December.
San Antonio apartment market occupancy increased by 0.05% points in November, and is up 1.55% points over the previous year. Rental rates per square foot increased by $0.002 over the month and increased by $0.008 over the last twelve months. Rental rates per unit increased by $1.60 over the month to $707.39 and by $9.44 in the twelve month rolling period. Absorption in November was positive 43 units, while annual absorption totals positive 3,383 units.
San Antonio Apartment Market
Key Metrics
Occupancy
90.60%
Monthly Change
+ 0.05%
Annual Change
+ 1.55%
Rent / Unit
$707.39
Monthly Change
+ $1.60
Annual Change
+ $9.44
Rent / SF
$0.869
Monthly Change
+ $0.002
Annual Change
+ $0.008
Monthly Absorption
+ 43
Annual Absorption
+ 3,383
Units U/C
1,204
Units Planned
1,007
The Market Research and Consulting division of O’Connor & Associates provides information necessary to make decision to commercial real estate professionals. Occupancy and Rental Data, ownership and management information are routinely gathered for four major land uses – multifamily, office, retail and industrial. This information allows investors to compare competitive properties, facilitate business decisions and track market and submarket performance. In addition the data is useful to brokers who for example continually monitor Houston retail space leasing, Houston office space leasing, Houston industrial space leasing, Houston apartments, Dallas apartments, Ft. Worth apartments, Austin apartments, and San Antonio apartments.
This capacity to research, analyze and interpret market trends and the impact of specific transactions is a major reason for why developers and acquisition experts rely on O’Connor & Associates for
market studies, feasibility studies, rent studies, tax credit studies, project design guidance,
market research, property performance evaluation and lease audits. O’Connor & Associates is an acknowledged source of trends in real estate investing and market activity.
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