San Antonio Multifamily Report – May 2026
Asking rents and occupancy are feeling the pinch.
San Antonio fundamentals remained soft through the first quarter of 2026. Average advertised asking rents were flat, on a trailing three-month basis through March, at $1,232, while the national figure inched up 0.1 percent, to $1,750. Year-over-year, rents fell 2.8 percent in San Antonio, lagging the 0.1 percent U.S. uptick. Meanwhile, the metro’s occupancy in stabilized assets dropped 100 basis points, to 89.8 percent.
Employment growth decelerated to 1.5 percent at the end of 2025 but still outpaced the 0.6 percent U.S. rate. Meanwhile, unemployment clocked in at 4.3 percent in February, on par with both Texas and the nation. San Antonio added 13,100 net jobs in 2025, with gains in six sectors, led by education and health services (9,700 positions) and trade, transportation and utilities (8,300). Government (-3,500) and professional and business services (-2,100) posted the largest declines. A handful of projects expected to bolster the local economy are moving forward, including JCB’s 1 million-square-foot plant and the airport terminal expansion.
Supply pressure remained elevated, though new construction slowed. Developers delivered 517 units in 2026 through March, and had another 11,955 units underway. Investment activity remained tepid, with just $96 million in first-quarter multifamily sales, at an average price per unit of $142,705. Despite a
20 percent year-to-date increase, the area’s PPU remained below the $196,464 U.S. average.
