reaching new heights

San Antonio apartment construction surges to 15th highest in the U.S.

Apartment construction is soaring sky high in San Antonio.

Photo courtesy of Apartment Locators

Apartment construction has been on the rise in San Antonio, and according to a new insight report from RentCafe, the metro area has the 15th highest new apartment construction rate nationwide in 2024.

The report from August 7 analyzed new apartment construction data across 369 U.S. metropolitan statistical areas (MSAs). For the purpose of the study, only apartment buildings containing 50 or more units were included. Any U.S. metros with fewer than 300 units or fewer than two properties/buildings were excluded.

The top five metros with the highest rates of newly built apartments expected in 2024 are New York City, New York (No. 1); Dallas, Texas (No. 2); Austin, Texas (No. 3); Phoenix, Arizona (No. 4); and Atlanta, Georgia (No. 5). Dallas-Fort Worth developers are expected to build a staggering 32,932 total apartment units in 2024, which is just three fewer units than No. 1-ranking New York City's anticipated goal.

The San Antonio metro area is still expected to complete 9,617 new apartments by the end of the year, so construction appears to be keeping up alongside the top 10 metros. In just San Antonio proper, developers are anticipating 7,058 completed units by year-end.

The report attributes booming construction rates to each metro's steady population growth, the area's thriving job market, and its desirability among major employers.

"Demand for rental apartments in the U.S. continues to outstrip supply, even with recent construction efforts mirroring the building boom of the early 1970s — when a comparable number of rentals entered the market as Baby Boomers were coming of age — due to significant growth in the renter population in the last 50 years," the report's author wrote.

San Antonio makes up the bulk of new apartments in the area, while New Braunfels is expected to build the second highest number of new apartments in the metro, totaling 887 units.

San Antonio apartment construction by 2028
Based on the number of newly built apartments from 2019 to 2023, RentCafe's analysts extrapolated that New York, Dallas-Fort Worth, and Austin will continue dominating new apartment construction through 2028. But unlike past years when there was a steady growth in completed units, the report predicts construction will dwindle until 2027; then it will experience a big hike in 2028.

"[A]partment construction starts are expected to keep falling throughout the next year as developers struggle to get financing due to stricter loan standards amid economic uncertainties, which causes delays in projects," the report said.

For context, Dallas-Fort Worth had the highest number of new apartments completed over the five-year period – 128,418 units – from 2019 to 2023, versus New York's 116,207 newly built units. San Antonio built 29,689 new units during the same time period.

RentCafe calculated New York will once again lead the nation with 150,327 new apartments built by the end of 2028, and DFW will trail behind with 108,178 completed units. The Metroplex's anticipated figures are 28 percent lower than New York's expected apartments.

San Antonio will steadily increase construction with a projected 35,576 new apartments by 2028.

"[S]everal large metros are set to slow the pace of new apartment construction by 2028, yet they remain some of the nation's heaviest builders," the report said.

The full report and its methodology can be found on rentcafe.com.

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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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