San Antonio’s apartment leasing activity down slightlySan Antonio’s apartment leasing activity down slightlyhttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=69422013-06-28T12:54:00Z2013-06-28T06:42:00Z

SAN ANTONIO - The current wave of construction in San Antonio’s apartment market is wreaking a little havoc with occupancy rates, according to the latest Texas Quarterly Round Up by Carrollton, Texas-based ALN Apartment Data Inc.

At the end of first quarter 2013, the local multifamily sector was reporting an overall occupancy rate of 90.8 percent — down from a rate of 91.1 percent as of first quarter 2012. The current occupancy rate here is also below the Texas average of 92 percent.

The Texas average is based on data for the following markets: Austin, Dallas, Fort Worth, Houston, Lubbock, Amarillo, Abilene and Corpus Christi — in addition to San Antonio.

“Until this quarter the San Antonio market had been performing solidly,” ALN states. New product entering the market, however, not only slowed down market occupancy, the market had negative absorption for the quarter as well. In all, San Antonio lost over 400 net units during first quarter 2013.

But there is also some good news for landlords — rental rates for the local market stood at $795 a month as of first quarter 2013. That figure marks a $47 increase compared to the previous year.

The Texas average stands at $837 a month, as of first quarter 2013.

San Antonio Business Journal
San Antonio-New Braunfels
http://www.bizjournals.com/sanantonio/blog/2013/06/san-antonios-apartment-leasing.htmlRead more at {Source}

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