San Antonio Multifamily Report – May 2025
Mission City fundamentals are on the mend.
San Antonio fundamentals were mixed at the end of 2025’s first quarter. While rent growth rebounded on a trailing three-month basis, up 0.1 percent to $1,254 in March, it was still down on a yearly basis. Year-over-year, San Antonio asking rents slid 1.0 percent, while the U.S. rate posted a 1.0 percent increase, to $1,755. Occupancy in stabilized properties dropped another 50 basis points year-over-year, to a particularly low 90.8 percent as of February.
The metro’s job growth was among the strongest in the U.S., at 1.8 percent as of January, well ahead of the 1.0 percent national average. The market added 22,000 net jobs in 12 months. Meanwhile, the unemployment rate stood at 3.7 percent as of March, lower than both the U.S. (4.2 percent) and Texas (4.1 percent) figures, according to preliminary Bureau of Labor Statistics data. All employment sectors added jobs in San Antonio, with the highest gains recorded in leisure and hospitality (6,500 jobs), education and health services (5,800 jobs) and government (3,200 jobs). Noteworthy projects in the metro include the Center for Brain Health at UT Health Science Center San Antonio, slated to open in December, and Innovation Tower, a component of the 1,900-acre Tech Port innovation campus.
Developers delivered 2,273 units in 2025 through March and had another 15,601 units underway, but new construction is slowing from its historic peak. Investment nearly halted, totaling just $538 million in 2024, with the per-unit average up 4.6 percent year-over-year.
