MARKET SNAPSHOT

San Antonio Q1 2025

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AVERAGE RENT

$1,262 Q1 2025

OCCUPANCY RATE

88.3% Q1 2025

QUARTERLY NET ABSORPTION

2,256 Q1 2025

ANNUAL RENT CHANGE

-1.0% Q1 2025

ANNUAL OCCUPANCY CHANGE

-150 BPS Q1 2025

QUARTERLY COMPLETIONS

2,505 Q1 2025

KEY TAKEAWAYS
Leasing momentum strengthened with over 2,250 units absorbed in Q1 2025—marking the eighth straight quarter of net positive absorption.
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Despite steady demand, occupancy remains historically low at 88.3%, underscoring the impact of elevated new supply rather than weak renter interest.
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If renter demand holds through the peak spring and summer seasons, San Antonio could return to modest positive rent growth by Q4 2025.
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MARKET OUTLOOK

San Antonio’s multifamily market remains under pressure in the near term due to elevated supply levels and muted rent growth, but signs of stabilization are beginning to emerge...

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Michael Watson

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Michael Moffitt

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Michael Miller

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Derek Wilson

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Mark Diebold

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Alex Thompson

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Link Browder

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Christopher Peck

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Thomas Rodriguez

Associate Advisor

thomas.rodriguez@mmgrea.com

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