Cost-of-living concerns

San Antonio drives home major one-year spike in apartment rents

Rents rose more than 11 percent in San Antonio in the last year.

Photo courtesy of Abodo

If you’re feeling financially squeezed as a renter in San Antonio, maybe you can take comfort in the fact that you’re not the only one who’s not at home with rent costs spiking.

According to new data from rental platform Zumper, the average rent for one-bedroom apartment in the Alamo City climbed 11.3 percent from February 2021 to February 2022, winding up at $1,080.

“Rent’s rapid rise is largely tied to the home sales market. As home prices rise, they price out renters who would otherwise buy,” Zumper says. “And because the home sales market has gotten so hypercompetitive, many frustrated renters in the market for a home have simply given up because the process is so exhausting and demoralizing.”

As a result, the home sales market is keeping some tenants in the rental market longer than they’d like to be, leading to higher rents overall, according to Zumper.

Among the 100 cities included in Zumper’s latest rental index, Miami experienced the steepest year-over-year rise in the average rent for a one-bedroom apartment: 34.4 percent.

In Texas, Austin recorded the highest increase in the average rent for a one-bedroom apartment (30.3 percent) from February 2021 to February 2022, Zumper says. This February, the average rent there was $1,550.

Plano, near Dallas-Fort Worth, witnessed the biggest one-year jump in the average rent for a one-bedroom apartment. From February 2021 to February 2022, the average rent for a one-bedroom apartment there rose 17.1 percent to $1,440. Irving ranked second in DFW, with a 16.7 percent year-over-year spike in the average rent for a one-bedroom apartment. Irving’s average rent stood at $1,330.

Dallas landed at No. 3 in the region, with a 13.4 percent jump in the average rent for a one-bedroom apartment from February 2021 to February 2022. The average rent in Dallas was $1,440, according to Zumper.

In Fort Worth, the average rent for a one-bedroom apartment climbed 9 percent to $1,210, while it increased 8.4 percent in Arlington to $1,030.

In Houston, the increase was 9.9 percent, ending up at $1,220.

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Take A Walk

New multifamily community opens near Stone Oak restaurants and shopping

Rendering courtesy of Greyson Luxury Living

The new community offers 291 units.

A new multifamily community is now open to prospective residents in San Antonio. Greyson Luxury Living comprises 291 units at 1734 N. Loop 1604 West, with a focus on lifestyle amenities. But the location will be the main draw for many.

Apartment floor plans range from one to three bedrooms, starting at $1,317 for one bedroom and one bathroom, and working up to a base price of $2,611 for three bedrooms and two baths. The community's pet policy according to the website is: "We welcome all your furry friends at Greyson."

Residents will get reserved parking and a garage with EV charging stations, but it might not always be necessary to hop in the car. The apartments are directly adjacent to restaurants like Cover 3, Eddie V's Prime Seafood, and Blü Prime Steakhouse — not exactly everyday eats, but there's tons more at the Vineyard Shopping Center and the Stone Oak neighborhood's Blanco Market Shopping Center across the highway.

In addition to restaurants, the community is less than a five-minute drive from H-E-B Plus, Whole Foods Market, Target, fashion and furniture stores, and multiple fitness studios like StretchLab and LA Fitness.

A press release promises wood-style flooring, quartz and granite countertops, and ceramic tile backsplash. On the more utilitarian side, it offers single-basin sinks, kitchen islands, "spacious" pantries, a stainless-steel Energy Star appliance package, and washer and dryer connections. (Images shared by the complex so far appear to be more illustrative of the desired vibe than the actual space.)

Every floor plan also shows a private patio or balcony. The most expensive floor plan — the three-by-two — has a wraparound outdoor space.

For shared spaces, a resort-style pool with a tanning shelf (a very shallow area for placing lounge chairs) and bike storage encourage residents to get outside, and a dog wash station makes it easy to leave dirt and hair outside of apartments. There's also a fitness center, a clubhouse with wi-fi, elevators, and concierge services.

“We developed Greyson as a luxury multifamily community aimed to fit any type of lifestyle, and we are grateful for all of our partners that helped bring this project to life,” says Ed Garahan, partner and CEO at Carbon Companies, the development firm heading the project.

Carbon Companies also sold the Addison Medical Center Apartments, Ventura Ridge, Triomphe Apartments, and Pecan Springs Luxury Apartment Homes, with more in the works in San Antonio.

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