Rising demand for every class of apartment bolsters continued rent growth in SA | Rising demand for every class of apartment bolsters continued rent growth in SA | https://www.recenter.tamu.edu/news/newstalk-texas/?Item=14146 | 2016-08-12T05:00:00Z | 2016-08-12T20:55:00Z | SAN ANTONIO - Alamo City’s multifamily market has hit a perfect storm of increasing demand, new construction and rental rates. And despite an expected rise in vacancy, the market is more than strong enough to handle it. Rents topped $1,100 per month in four submarkets during the last year, including: - Alamo Heights,
- Central San Antonio,
- Far North San Antonio and
- Far Northwest San Antonio.
The average ranged from $1,108 per month to $1,238 per month inthese submarkets during the first quarter.
In the 2Q 2016 Multifamily Research Market Report, Marcus & Millichap said it expects that while market vacancy will hit an upward trend this year as a result of new construction tenant demand for Class B and C apartments will nevertheless push rental rates upward—even if those increases are at a slower pace than usual. Not surprisingly, job growth will continue to be the driver for new construction, with Marcus & Millichap reporting that 8,200 units are underway in the San Antonio metro, 5,000 of which are scheduled for completion this year. | San Antonio Business Journal
| San Antonio-New Braunfels
| Multifamily
| http://www.bizjournals.com/sanantonio/news/2016/08/04/rising-demand-for-every-class-of-apartment.html | | | See full PDF San Antonio Multifamily Market Report 2Q 2016. Also check out San Antonio Multifamily Market Research. | Read more at the {Source} |