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Marcus & Millichap: Job growth supporting San Antonio multifamilyMarcus & Millichap: Job growth supporting San Antonio multifamilyhttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=153872016-12-06T06:00:00Z2016-12-06T17:00:00Z

​​​SAN ANTONIO – Local job creation strengthened apartment demand and pushed vacancy to near-historical lows during the third quarter, Marcus & Millichap said in its fourth quarter market update.

The firm expects "robust absorption trends" through the remainder of the year to keep vacancy below 6 percent.

"An influx of Class A apartments softened conditions in the northern portion of the metro this year, but the construction pipeline is beginning to thin and shift to other areas of the market. As a result, the increase in vacancy in these units will be short term as assets stabilize amid healthy job creation in higher-wage industries nearby."

Meanwhile, hiring in service-oriented and consumer-driven sectors is supporting "vigorous demand" for Class B and C units, with vacancy falling below 5 percent for these complexes.

Housing affordability is also shifting demand back to apartments, the firm said.

Marcus & Millichap Real Estate Investment Services
San Antonio-New Braunfels
Multifamily
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