San Antonio apartment 2013: Hendricks-Berkadia
SAN ANTONIO – Slowing apartment demand coincided with the deceleration in hiring last year as 2,820 apartments were absorbed compared to 3,600 newly occupied units in 2012, according to Hendricks-Berkadia.
Builders delivered 4,960 apartments in 2013, the largest number of completions since 6,960 units were built in 2006. Approximately 40 percent of the deliveries were in northern San Antonio.
Permits were issued for 2,300 apartments last year, which exceeded the average approval of 1,950 units annually in the four years following the recession. Permitting activity during the four years prior to the recession averaged 5,590 apartments annually.
Absorption trailed completions in 2013, resulting in the vacancy rate increasing 110 basis points year over year to 6.3 percent. Average asking rent reached $898 per month in December, a 1.8 percent annual advance.
| Submarkets* | Vacancy | Average Rent | ||
| 2013 | 2012 | 2013 | 2012 | |
| Southeast | 3.6% | 1.7% | $1,041 | $1,080 |
| Airport/Northeast | 4.4% | 5.7% | $774 | $737 |
| Far West | 4.9% | 5.6% | $877 | $858 |
| Far North Central | 5.3% | 4.6% | $874 | $862 |
| South | 5.6% | 3.5% | $1,213 | $1,176 |
| Comal County | 6.3% | 4.4% | $1,011 | $979 |
| Total (San Antonio-wide average)** | 6.3% | 5.2% | $898 | $882 |
*Chart represents select top submarkets ranked by vacancy.
**Total includes all submarkets within San Antonio.
View the full report at Hendricks-Berkadia.
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