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Little bang for big bucks in Central San AntonioLittle bang for big bucks in Central San Antoniohttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=8372015-06-04T12:35:00Z2015-06-04T09:45:00Z

SAN ANTONIO - It may take a while to convince people to move downtown, but once their minds are made up, renters are willing to shell out big bucks for space.

Among 13 other submarkets of San Antonio, Property Elite Management and Leasing found that the city's central area averaged $1.05 per sf in first quarter 2015, the highest in the city by a long shot.

Average rents in the region surpassed $1,600 per unit — and those units are for the smallest dwellings in San Antonio. Central living spaces average a bit more than 1,500 sf, far less than the citywide average of 1,800 sf.

Between 1Q 2014 and 1Q 2015, citywide rents rose from $0.69 to $0.74, respectively.

While Central San Antonio led the city's submarkets by a wide margin, some of the runner-ups for most expensive areas include the Northwest and North Central neighborhoods.

Central San Antonio, while it led the city in terms of rental rates, also had units that spent the longest time on the market. At 84 days, the area surpassed the other submarkets by nearly 30 days.

The lowest, at 39 days, was Northeast San Antonio, but that could also be because that submarket had a high inventory of 380 units. To put that in perspective, the central submarket had only 16.

Overall, 2015 is shaping up to be an interesting year in the multifamily market — with activity and rents poised to stay on an upward slope.

San Antonio Business Journal
San Antonio-New Braunfels
Multifamily
http://www.bizjournals.com/sanantonio/news/2015/06/01/central-san-antonio-commands-highest-residential.htmlRead more at {Source}

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