Slow-and-steady wins the race; SA adjusts to multifamily influxSlow-and-steady wins the race; SA adjusts to multifamily influxhttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=137672016-07-08T05:00:00Z2016-07-08T21:00:00Z

​SAN ANTONIO - San Antonio has always been the tortoise when compared to the larger Texas markets, but the city's slow-and-steady approach is shaping up to be one of the best ways to absorb the continued influx of multifamily construction.

More than 4,420 units were completed last year, and this year—​according to Institutional Property Advisors​ (IPA)—the market is on track to add another 6,900 units.

Sure, vacancy is expected to rise to 6.5 percent throughout the year, but IPA stated that despite the increase, demand for San Antonio apartment units will jump by an additional 3.1 percent.

Moreover, that uptick in demand will boost average rents by 4.2 percent in 2016 to a citywide average of $933 per month.

The increase in rent growth may be less than the 4.4 percent recorded in 2015, but considering the 36 percent jump in multifamily construction, the tortoise is doing pretty darn well.​

San Antonio Business Journal
San Antonio-New Braunfels

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