{"id":6046,"date":"2023-06-28T12:51:48","date_gmt":"2023-06-28T12:51:48","guid":{"rendered":"https:\/\/www.yardimatrix.com\/blog\/?p=6046"},"modified":"2023-09-12T16:50:54","modified_gmt":"2023-09-12T16:50:54","slug":"san-antonio-multifamily-market-report-may-2023","status":"publish","type":"post","link":"https:\/\/www.yardimatrix.com\/blog\/san-antonio-multifamily-market-report-may-2023\/","title":{"rendered":"San Antonio Multifamily Market Report \u2013 May 2023"},"content":{"rendered":"<h2>Rents, Occupancy Follow Market Slowdown<\/h2>\n<p>San Antonio multifamily market fundamentals began softening, especially in transaction and new construction volume. The metro\u2019s rent movement was negative for four consecutive months, down 0.3% on a trailing three-month basis through March to an overall average of $1,274. The rate trailed the U.S. figure, which remained flat, at $1,706. The occupancy rate in stabilized properties also fell 170 basis points in the 12 months ending in February, to 93.0%.<\/p>\n<p><iframe id=\"datawrapper-chart-iG9y6\" style=\"width: 0; min-width: 100% !important; border: none;\" title=\"San Antonio vs. National Rent Growth (Trailing 3 Months)\" src=\"https:\/\/datawrapper.dwcdn.net\/iG9y6\/1\/\" height=\"376\" frameborder=\"0\" scrolling=\"no\" aria-label=\"Interactive line chart\" data-external=\"1\"><\/iframe><script type=\"text\/javascript\">!function(){\"use strict\";window.addEventListener(\"message\",(function(a){if(void 0!==a.data[\"datawrapper-height\"]){var e=document.querySelectorAll(\"iframe\");for(var t in a.data[\"datawrapper-height\"])for(var r=0;r<e.length;r++)if(e[r].contentWindow===a.source){var i=a.data[\"datawrapper-height\"][t]+\"px\";e[r].style.height=i}}}))}();\n<\/script><\/p>\n<p>The jobless rate clocked in at 4.3% in February, faring better than the state (4.0%) and Houston (4.8%), but lagging the U.S. (3.6%), Austin (3.7%) and Dallas (4.1%) according to preliminary data from the Bureau of Labor Statistics. The employment market expanded by 4.6%, or 46,600 jobs, in 2022, leading the 3.7% U.S. figure. Two sectors lost a combined 4,100 jobs\u2014professional and business services and mining, logging and construction\u2014but San Antonio\u2019s economy is strong and diverse enough to withstand upcoming distress.<\/p>\n<p><iframe id=\"datawrapper-chart-uIck4\" style=\"width: 0; min-width: 100% !important; border: none;\" title=\"San Antonio Employment Share by Sector\" src=\"https:\/\/datawrapper.dwcdn.net\/uIck4\/1\/\" height=\"576\" frameborder=\"0\" scrolling=\"no\" aria-label=\"Table\" data-external=\"1\"><\/iframe><script type=\"text\/javascript\">!function(){\"use strict\";window.addEventListener(\"message\",(function(a){if(void 0!==a.data[\"datawrapper-height\"]){var e=document.querySelectorAll(\"iframe\");for(var t in a.data[\"datawrapper-height\"])for(var r=0;r<e.length;r++)if(e[r].contentWindow===a.source){var i=a.data[\"datawrapper-height\"][t]+\"px\";e[r].style.height=i}}}))}();\n<\/script><\/p>\n<p>Deliveries through March were scarce, with just 78 units in one fully affordable community coming online, but the construction pipeline had 16,000 units underway, 8,455 of which Yardi Matrix forecasts will be completed by year-end. Meanwhile, investors traded just $176 million in multifamily assets, coming in at just over $100,000 for an average price per unit.<\/p>\n<p>Read the full <a href=\"https:\/\/www.yardimatrix.com\/publications\/download\/file\/3930-MatrixMultifamilySanAntonioReport-May2023\"><strong>Matrix Multifamily San Antonio Report-May 2023<\/strong><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Rents, Occupancy Follow Market Slowdown San Antonio multifamily market fundamentals began softening, especially in transaction and new construction volume. The metro\u2019s rent movement was negative for four consecutive months, down 0.3% on a trailing three-month basis through March to an overall average of $1,274. The rate trailed the U.S. figure, which remained flat, at $1,706. [&hellip;]<\/p>\n","protected":false},"author":753,"featured_media":6047,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[12,5,4],"tags":[475,125],"class_list":["post-6046","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-metro-reports","category-multifamily-market","category-real-estate-trends","tag-multifamily-outlook-2023","tag-san-antonio"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>San Antonio Multifamily Market Report \u2013 May 2023 - Yardi Matrix Blog<\/title>\n<meta name=\"description\" content=\"Moderating demand kept San Antonio\u2019s rent growth negative for the fourth straight month, down 0.3% on a T3 basis through March.\" \/>\n<meta name=\"robots\" content=\"index, follow, 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