Millions of apartment renters in San Antonio and across the country will experience relief as the rent price is now on a downward trend and more buildings are being constructed.
Rent Prices in San Antonio
Rent prices not only in San Antonio but across the country have been one of the problems that residents faced during the wake of the COVID-19 pandemic. It affected millions of renters in the country which led them at risk of house eviction.
Despite the turmoil that renters faced last year, a market research firm Apartmentdata.com mentioned in its report that the rent prices of apartments in San Antonio are now on a downward trend.
According to their report, the rent prices for apartments in San Antonio have risen to $1,200 or an increase of 15.5 percent from 2021. Cindi Reed, director of sales at the market research firm, discussed this with members of the San Antonio Apartment Association.
Moreover, Reed also said that the rent prices began to level off during the last half of 2022, according to an article published in San Antonio Report.
Construction of New Apartments
The industry has what it calls an “absorption rate” which talks about the number of units occupied in the market. This also takes into account the construction of new apartments and the removal of existing units. Moreover, the rate reflects the demand and supply or the health of the industry.
The absorption rate in San Antonio in 2021 has nearly doubled as demand for apartment housing outstripped supply. However, the demand last year also declined after almost 6,000 units were built.
Additionally, Reed said that multifamily construction is going on throughout the city from downtown towers to suburban apartment complexes. Around 1,200 towers were completed in 2022 and an additional 1,000 is expected to be completed this year.