There’s no secret that the real estate market in Austin and San Antonio has been on fire the last couple years. Whether you are considering relocation to Austin or just curious about the apartment rental market. Here is how the multi-family market in San Antonio compares to another city in Texas just right up the I-35 corridor.
Austin Market Trend
Spotting an apartment in Austin is easy to do. Finding one in the area you’d like, and within your budget is a different story. The average rental apartment in Austin is priced at 6% higher than a year ago, but that is not keeping Austinites from renting! While apartment demand took a small dip in Q2, they bounced back in Q3 with a more than 1% increase even with the monumental inventory hitting the market.
Austin is a great place to live and work, it attracts hundreds of people every year. Many more apartment units will be hitting the multi-family market in the upcoming months and rent will continue to rise due to the higher priced newer inventory. Making it that much more important that you utilize an expert when you are searching for an apartment in Austin.
San Antonio Market Trends
San Antonio has done a great job as a city in appealing to the next generation. Unemployment remains at an impressively low rate for the most part, while an influx of young professionals are now calling San Antonio home. Developers continue to capitalize, and therefore the multi-housing market continues to rise with hundreds of new urban apartments absorbed quarterly and hundreds still on the construction drawing board.
Although San Antonio renters are paying almost 5% more in rent than last year, occupancy rates departed from the norm in Q3. The decline in apartment demand can be related to the reduction in the hospitality workforce in San Antonio which also affected the local unemployment rate. As Q3 is typically the trend setter, we can expect Q4 to remain stable.