New Braunfels-Seguin apartments see largest annualized growth over last 3 months
Tuesday, May 07, 2019
SA Business Journal – Local apartment occupancy hit a three-year high in April, up 40 basis points from March and 110 basis points from April 2018.
April ended with 90.6% of apartments in San Antonio occupied, according to the latest monthly report by ApartmentData.com, up from 90.2% last month, 89.5% in April 2018 and up from last summer’s peak of 90.5% in August and September.
Despite 15 apartment complexes, or 4,133 total units, being under construction and another 41 communities — or 11,750 units — proposed, the market’s demand is beginning to catch up with supply. Apartment occupancy hasn’t been this high since May 2016, when occupancy was 90.9%.
Total apartment absorption for April was 834 units. While the mark was 300 units below last April’s figures and about 200 units below last month, it still represents positive growth. The average price per unit rose by $1 to $958 per month, remaining at $1.13 per square foot. San Antonio’s operating supply is unchanged at 905 communities, or 191,943 units. Over the last 12 months, rents have risen by 2.9%, while 6,421 units have been absorbed.
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