COVID cases are down, and rent is back up in San Antonio, a new report shows.
According to the July Rent Report from ApartmentList.com, rent prices in San Antonio are currently 8 percent higher than they were this time last year, meaning they are back to where they would have been had the pandemic not tanked the market last spring, the report's authors say.
"Almost every city experienced 'pandemic pricing,' defined conservatively as rent prices falling at least 1 percent below seasonal projections at any point from April to December 2020," ApartmentList says. "But the severity of pandemic pricing, and the amount of time it takes each city to recover from it, has differed greatly across place."
In San Antonio, the report notes, "This is the sixth straight month that the city has seen rent increases after a decline in December of last year," also noting that "San Antonio's year-over-year rent growth leads the state average of 7.8 percent, but trails the national average of 8.4 percent."
In June, San Antonio rents grew 2 percent, which was just below the national average of 2.3 percent. Median apartment rents now clock in at $960 for a one bedroom and $1,166 for a two bedroom, according to the report.
By way of comparison, year-over-year rents have grown by 11.9 percent in Austin, 6.4 percent in Dallas, and 4.3 percent in Houston, ApartmentList.com says.