San Antonio Multifamily Report – October 2025
Rents are on the rebound, boosted by workforce housing demand.
San Antonio fundamentals improved over the summer, with average advertised asking rates up 0.1 percent on a trailing three-month basis through August, to $1,264, driven by a revival in RBN rent growth. Meanwhile, rent movement remained negative year-over-year, down 0.6 percent, while the U.S. rate increased 0.7 percent. The San Antonio occupancy rate in stabilized properties fell 50 basis points year-over-year, to 90.7 percent as of July.
Employment growth clocked in at a very healthy 1.9 percent as of June, putting the metro among the best rates nationally and above the 0.8 percent U.S. average. Unemployment stood at 3.9 percent in July, below the U.S. (4.2 percent) and Texas (4.0 percent) figures. Roughly three-quarters of the 23,100 net jobs added were in education and health services, trade, transportation and utilities and government. Meanwhile, two sectors lost 1,300 jobs combined. Notable projects underway include JCB’s plant, which is slated to open in 2026 and add 1,500 new jobs, and the conversion of the Tower Life Building.
Developers delivered 6,036 units in 2025 through August and had another 13,265 apartments underway, even as construction starts slowed down. Investment activity remained muted, at $133 million year-to-date through August. Renter-by-Necessity deals dominated the sales composition. The average price per unit fell 18 percent to $103,874, which was half of the $209,364 U.S. figure.
