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San Antonio’s average rental prices rose steadily throughout 2021

The San Antonio apartment market remained strong throughout 2021, with both occupancy and rents increasing, according to a new report from Apartmentdata.com

San Antonio maintained the second-highest occupancy rate among large Texas metros at 93% according to data, outpacing Houston and Austin, which reported a 91.1% and 93.2% percent occupancy, respectively. Dallas was the number one market for occupancy percentage at 93.2%, hovering just slightly above the Alamo City.

The apartment data and product marketing site also showed average rents in the city rose quickly from less than $1,000 a month in January 2021 to $1,155 a month for an 857-square-foot apartment in the same month in 2022.

Austin had an average January price for that size space of $1,585 per month, Dallas for $1,413 and Houston for $1,201.

The apartmentdata.com study didn’t show average 2021 prices for Dallas, Austin and Houston.

The findings also reveal how cities in the Greater San Antonio metro area have compared in occupancy levels since December 2021.

Over the past three months, the New Braunfels and Seguin region was the fastest-growing submarket for apartments at a 12.8% growth rate in occupancy.

The Castle Hills/San Pedro/Jackson-Keller area grew by 10.9%, followed by the Nacogdoches Road/ Perrin Beitel Road area, with an 11.8% rate of growth.

That ranking was based on a combination of rental rate growth and absorption. The study did not list overall occupancy levels for submarkets.

In looking at construction, 5,886 apartment units and 23 new apartment communities were built in San Antonio from 2021 to the end of January 2022.

Publication: Houston Business Journal

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