San Antonio multifamily 1Q 2013: Austin Investor Interests

SAN ANTONIO - First quarter 2013 saw San Antonio’s multifamily occupancy increase .04 percent to reach 92.4 percent, according to Austin Investor Interests. Rents were a bit more aggressive, gaining $.02 per sf, or 1.8 percent, to reach an overall average of $.96 per sf.

If rental rates continue the pace set over the last year, experts expect the market to see them average $1.00 per sf by the end of 2013, as new construction pushes prices up and healthy occupancy keeps concessions (currently offered in 53 percent of properties at a loss of 2.1 percent) down.

There are currently over 8,000 units still under construction, while an additional 3,400 are anticipated to start during next quarter. Here are some quick facts from the San Antonio multifamily market:

• Average occupancy — 92.43 percent;
• Average rent — $792;
• Average SF — 828;
• Average rent/SF — $.96;
• New units added (conventional) — 1,093; and
• Average sales price/unit — $60,000.
   

Source: Austin Investor Interests