Supply Outpaces Demand After Peak Leasing Season
San Antonio’s wall of deliveries continued to intensify competition, keeping apartment fundamentals under pressure, s per the latest Yardi Matrix San Antonio multifamily market report. Advertised asking rents slid 0.2%, on a trailing three-month basis through August, and were down 3.4% year-over-year, ranking below all of Yardi Matrix’s top 30 markets. Occupancy in stabilized assets declined 90 basis points, to 89.4% in July, as an influx of new Lifestyle communities intensified pressure on older RBN properties.
Job gains stood at 0.3% through June, ahead of a flat U.S. reading, as the area added 7,200 net jobs over 12 months, according to the most recent national multifamily report. Trade, transportation and utilities (8,300 jobs) and professional and business services (5,500) led gains, while government recorded the largest slide (-6,800). Unemployment stood at 4.7% in July, above the 4.5% Texas and 4.4% U.S. rates. In a boost for the local economy, JCB’s $500 million South Side plant is scheduled to begin production this fall and create some 1,500 jobs over five years.
Development momentum remained strong, with 5,750 units delivered during the first eight months of 2026 and another 9,698 units underway as of August. Starts saw a 5.6% uptick from the corresponding period of 2025, suggesting that supply pressures are here to stay. Investment was also up from last year’s slower start, with deal volume increasing 27%, to $252 million. Even so, the rebound was modest considering the wider context.
Read the full Yardi Matrix San Antonio Multifamily Market Report: October 2026
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