San Antonio 1Q23 Multifamily Market Insights Report: Vacancy finds stability, returning closer to historical range

Highlights:

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• The San Antonio multifamily market posted a mixed performance during the first quarter, as the vacancy rate continued to trend higher — while rents posted modest gains.
• Renter demand cooled at the onset of 2023, leading to a vacancy spike during the first quarter. The vacancy rate rose 100 basis points in the first three months of 2023 to 6.1%.
• Asking rents advanced 0.9% during the first quarter to $1,145 per month. During the past 12 months, rents are up 2.1%.
• Sales velocity in the first quarter was down roughly 30% from levels recorded at the end of last year. In transactions where pricing was available, the median sales price year to date is $97,700 per unit — down 12% from the 2022 figure.

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