San Antonio apartment 2Q 2013: Marcus & Millichap
SAN ANTONIO – Approximately 4,400 apartments were brought online in the San Antonio market in the year ending in June 2013, up 78 percent from a June 2012. Deliveries were greatest in the Central and Far West submarkets, which each added approximately 1,100 units.
Year-to-date, the largest project completed is the 558-unit Villas at Westover Hills in the Far West submarket. Rents for a two-bedroom apartment at the property range from approximately $1,200 to $1,400 per month.
With construction projects ramping up, new supply outweighed demand for apartments slightly during the last 12 months, pushing vacancy up 10 basis points year over year to 6.4 percent. However, vacancy dropped 70 basis points from first quarter 2013.
In second quarter, effective rents averaged $811 per month, which reflects a 4 percent increase from the same period in 2012. During the previous 12-month period, effective rents advanced 3.9 percent.
| Rank | Submarket | Vacancy Rate | Effective Rents | Y-O-Y |
| 1 | North Central San Antonio | 4.4% | $830 | 3.6% |
| 2 | Far West San Antonio | 4.5% | $839 | 3.6% |
| 3 | Far North Central San Antonio | 4.8% | $1,178 | 7.3% |
| 4 | Alamo Heights | 4.9% | $1,011 | 0.7% |
| 5 | Central San Antonio | 5.1% | $887 | 8.0% |
| 6 | Airport area | 5.3% | $749 | 1.4% |
| 7 | Northwest San Antonio | 5.7% | $771 | 4.6% |
| 8 | West San Antonio | 6.3% | $633 | 4.8% |
| 9 | New Braunfels / Universal City | 6.3% | $828 | 0.2% |
| 10 | Medical Center | 6.4% | $779 | 5.6% |
Read more at Marcus and Millichap Real Estate Investment Services.
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