San Antonio Multifamily Market Report

Key Highlights

• San Antonio is still experiencing population growth, with an uptick of 22,000 new residents in 2024. Its influx of residents is greater than any major U.S. city.
• Rent growth consistently declined throughout 2024, and noted -2.3% rent growth during the year.
• The metro’s population increased by 1.5% since 2022, while its rival markets—Dallas, Austin, and Houston—have seen less than 0.5% growth in the same timeframe.

San Antonio Multifamily Market Snapshot

During Q4 2024, the San Antonio metro received 3,125 new multifamily units—most notably in New Braunfels and Northwest San Antonio. As the metro continues to work through the new supply, forecasts estimate that about 47% of conventional market rate properties are offering some kind of rental concessions that range from 4 to 12 weeks free.

 

San Antonio saw a record-breaking 14,515 units delivered in 2024, reflecting a 31% increase from 2023 and about 6.4% of supply. Absorption has remained positive for seven consecutive quarters with an annual figure of 6,987.

 

Multifamily owners in the metro are beginning to see the light at the end of the tunnel as only 6,294 units are under construction, which is a near 63% decrease from 2024. This slowdown comes as a softening rental market has decreased the number of developments that pencil.

 

San Antonio saw 58 market-rate apartments trade in 2024, which is a slight decrease from the year prior, but a 66% decrease from the market peak. There were 23 deals for properties with 200 units or more, with nine of these transactions occurring in Q4 2024. This trend signals that institutional capital has returned to San Antonio’s multifamily sector and there will be strong momentum throughout 2025.