Earlier this month, Abodo Apartments released its October rent report, taking a close look at rental price trends from September to October. As the fourth quarter begins for many businesses and real estate companies, Abodo set out to uncover the Q3 rental market trends throughout the city of San Antonio — one of the country’s fastest-growing cities and hottest rental markets. Let’s take a look at what happened in the San Antonio rental market last quarter.
Some of the major findings include:
- Rent prices in San Antonio increased from July to the end of September by 1.49 percent.
- The median price of a one-bedroom apartment in San Antonio in July was $868.
- The median rent price of a one-bedroom apartment in San Antonio as of the end of September was $881.
- The median rent price of a two-bedroom apartment in San Antonio as of the end of September was $1,094.
- San Antonio ranks as the 52nd most expensive rental market in the country.
What does this tell us about the San Antonio rental market going forward?
Let’s start with the fact that San Antonio has experienced rapid growth in the past year, just as many other cities in Texas have. With rapid growth comes a high demand for a place to live. This is a simple game of supply and demand. So, for the time being, before all of the new construction and apartment starts come to market in the city, rent prices may continue to increase at a steady rate.
That said, San Antonio is really stepping up the multifamily game. Bisnow reported that “as young adults aged 20 to 34 flood San Antonio's service and corporate job sector — but single-home price gains outpace wage growth — Texan millennials and their young families are ramping up the city's multifamily market. Officials estimate San Antonio will need 45,000 Class A and B apartments by 2030.” As these apartments come to market, relief for renters will likely follow.
Overall, San Antonio is a city in great shape — growing fast, but not too fast to keep up with the demand for apartments.
To gather this data, the Abodo Apartments aggregates and analyzes data from the millions of verified listings on Abodo. Each listing is paired with a five-digit ZIP code. Within each ZIP code, Abodo calculates the average price of one-bedroom apartments that are currently available for rent within a specified time period.