San Antonio: Marcus & Millichap 4Q 2014 apartment reportSan Antonio: Marcus & Millichap 4Q 2014 apartment reporthttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=23482014-12-01T08:56:00Z2014-12-01T09:00:00Z

SAN ANTONIO - Thriving demand for rental housing in San Antonio is keeping pace with the delivery of hundreds of new apartments and holding vacancy on course to rise only nominally this year, according to Marcus & Millichap's Fourth Quarter 2014 Apartment Research Market Report.

At the end of 3Q 2014, vacancy was tight in nearly all corners of the market. Six of 14 submarkets posted vacancy rates lower than the national average.

Demand growth ran ahead of supply in 3Q 2014, when vacancy slipped 40 basis points to 6.4 percent. However, despite net absorption of 5,000 units in the past 12 months, the vacancy rate is 30 basis points more than one year ago.

The average rent of $838 per month at the end of 3Q 2014 was 2.6 percent more than one year earlier.

Here are the top five submarkets by vacancy rate:

Submarket Vacancy Ranking
Submarket Vacancy
New Braunfels/Universal City 3.8% $874 4.7%
Far North Central San Antonio 4.5% $1,161 -2.4%
Central San Antonio 4.9% $967 3.4%
Northwest San Antonio 5.1% $806 2.5%
Far Northwest San Antonio 5.5% $1,121 1.7%

Source: Marcus & Millichap

Click here to see the full ApartmentResearch Market Report for 4Q 2014 from Marcus & Millichap. Also, see Multifamily under San Antonio Market Data Sources for more apartment info.

Marcus ´╝ć Millichap Real Estate Investment Services
San Antonio-New Braunfels
http://www.marcusmillichap.com/Read more at {Source}

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