If a new study is an accurate indicator, renters in San Antonio have experienced more sticker shock in the past two decades than homeowners.
The study, published by Clever Real Estate’s Real Estate Witch website, shows the San Antonio metro area was among seven major metros where the growth in rents surpassed the growth in home values from 2000 to 2022.
Rents in the San Antonio area climbed from $383 in 2000 to $1,165 in 2022, up 204 percent, according to the study. Among the 50 largest metros, San Antonio ranked second for the steepest rent hikes, behind only Nashville (179 percent).
Meanwhile, home values in San Antonio jumped from $130,821 in 2000 to $309,475 in 2022, up 137 percent.
Even though rents soared over a 22-year span, San Antonio is one of only four major metros where the rent-to-income ratio is lower than the national median, says the study, based on federal data for the country’s 50 biggest metro areas. The ratio is 16.4 percent in San Antonio, compared with 16.5 percent nationally. In other words, rent is more affordable in San Antonio compared with the rest of the country.
According to rental platform Apartment List, San Antonio rents increased 14.5 percent from May 2021 to May 2022.
“This is the fifth straight month that the city has seen rent increases after a decline in December of last year,” Apartment List says.
Still, San Antonio’s year-over-year rent growth lags the Texas average (14.8 percent), as well as the national average (15.3 percent), according to Apartment List.