REOC San Antonio
Commercial Real Estate Since 1974   
Kim_Gatley
Kim Gatley
S
enior Vice President & Director of Research at REOC San Antonio

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MPF: San Antonio multifamily trends 4Q 2014

Like other major metros in Texas, San Antonio’s apartment sector showed strong growth coming out of the recession. But unlike those other metros, San Antonio already appears to be reverting back to a slow growth pattern that is more consistent with its own historical performances.Apartment_icon1

The reason: the metro just doesn’t have the housing demand drivers that the more nimble economies of Austin, Dallas and Houston do.

Structurally, the San Antonio metro is a more moderate-growth metro – heavy on government-related jobs, but not on large private employers. Economic progress and population growth doesn’t translate into housing demand as quickly in San Antonio as they do in the other metros that have given Texas a fast-growth reputation. Still, San Antonio’s relatively strong performances coming out of the recession led to increased apartment development, especially in northern submarkets along the metro’s growth path.

What changed this quarter? In 2014’s 4th quarter, demand slipped into negative territory. As a result of negative demand and new supply, occupancy tumbled 0.9 points quarter-over-quarter, to 92.7%. Meanwhile, same-store rental rates increased 0.5% in the quarter.

Click to read entire article: MPF: San Antonio multifamily trends 4Q 2014 (Real Page, 2-24-15)

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