San Antonio has been one of the nation’s most consistent apartment market performers over the course of the past decade, with occupancy rarely straying very far from its average of roughly 93 percent and annual rent growth rarely getting drastically out of line with its norm near 2 percent.
But if you’ve heard anyone from the MPF Research team talk about this metro at our annual Texas/Southwest Apartment Markets Conference or other events, you know that we expect the highs and lows to get somewhat more wide-ranging in the future. Rent growth results for the past year perhaps give the first particularly strong indication that the expected evolution in the market’s performance is really starting to happen.
Effective rents for new leases in San Antonio jumped 4.6 percent during calendar 2011, more than doubling the historical norm even though current occupancy of 92.9 percent is virtually identical to the past average.
A couple of factors appear to be playing significant roles in the more aggressive rent positioning that registers in the Alamo City.
Read more...Record Rent Growth in San Antonio Corresponds to Market Evolution via Property Management Insider