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Rental rates in San Antonio hit record highRental rates in San Antonio hit record highhttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=41862014-05-16T14:04:00Z2014-05-16T08:15:00Z

SAN ANTONIO - The average rate for an apartment in the Alamo City is 99 cents per sf in first quarter, up nearly 4 percent from the same period last year, according to Austin Investor Interests.

Over the past four years, developers have built roughly 13,250 units in the San Antonio area. During that time, rents have jumped almost 20 percent.

Through 1Q 2014, construction started on 2,466 units, almost twice as many starts as 1Q 2013. An additional 1,520 apartments came on the market in 1Q 2014, a nearly 40 percent jump from 1Q 2013.

Despite the additional units, occupancy has not fluctuated much. Currently, the occupancy rate is 91.5 percent.

Top Five Rental Markets in San Antonio
Region Rental Rate* Occupancy
  Current Chg.** Current Chg.**
Downtown $1.50 5.3% 95% 7.3%
Far Northwest $1.23 3.7% 86.5% -3.5%
New Braunfels $1.10 4.0% 89.9% 2.9%
Northeast $1.10 5.1% 91.8% -3.0%
Far North Central $1.08 1.7% 90.4% -3.2%

*Rental rate represents the cost per sf.
**Change represents the percent change over the last four years.

San Antonio Express-News
San Antonio-New Braunfels
Multifamily
http://www.expressnews.com/real-estate/article/rents-in-s-a-hit-record-high-5446912.phpRead more at {Source}

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