Over the past several years it has become customary to see big construction cranes throughout the Alamo City from the numerous multi-family development projects. With more construction projects breaking ground this quarter versus last, it is apparent that even though 2015 is winding down the multi-family development in San Antonio is in full force.
The percentage of Americans owning homes has taken a plunge to some of the lowest numbers seen in the past five decades. We can only speculate the reasons for the plunge in homeownership, but what is clear is how it has unequivocally impacted the rental industry.
New Multi-Family Construction by Submarket
With high occupancy rates remaining stable and the influx in new units on the market, San Antonia’s have proven their preference in renting. Economic momentum remains positive and therefore developers continue to meet a need in the rental industry. Several submarkets experiencing this apartment development boom include the Far Northwest, Southwest, Far West, North Central 2, and Central sectors of San Antonio.
The success of La Cantera Mall and The Rim Shopping Center has created a desirable place to live in this part of town. Developers quickly have capitalized and over 75% of multi-family construction that broke ground this quarter will be built in this sector of San Antonio.
There is a phenomenal growth of multi-family development with military families relocating to Lackland Airforce Base regularly and the increasing student attendance at Palo Alto College. This quarter approximately 17% of multi-family construction that broke ground is located in this sector of town, which will potentially upon completion be adding more than 300 units to the area.
Today we can say that 5% of apartment construction that is currently in-progress falls in this section once sparsely populated part of town. Business developments such as Northwest Vista College continue to see an increase in enrollment and therefore demands for apartments should remain on par in this section of San Antonio.
North Central 2
This submarket is quickly becoming one of the busiest in the city. It is a little more classy and upscale mainly due to local communities such as Stone Oak and Sonterra. Developers have tapped into the upscale nature and approximately 7% of current multi-family construction is concentrated in this stretch of the city.
Central San Antonio is transforming. It is an urban district that houses parks, businesses and downtown livable space. The population has flocked to these parts of town because of the work-and-play communities that have sprung up. It is no wonder that almost 6% of continued multi-family construction is currently focused in this sector of the city.
Multi-family development in San Antonio remains stronger than ever. With more and more apartment communities emerging all over the city it is even more important that you let an expert help you find your next home. Our licensed Apartment Locators are familiar with the city’s apartment rental inventory and can help guide you through the process. Give us a call and let us help you find your next home!