Trailing 12-month absorption of 3,398 units lagged the 6,220 units delivered, keeping lease-up competition elevated across the metro.
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The under-construction pipeline has contracted 40% over four quarters to 4,431 units (1.9% of inventory), and trailing 12-month completions have fallen 50% from the prior period, signaling a meaningful easing of supply-side pressure ahead.
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Average effective rents declined 3.7% year over year to $1,211, with stabilized occupancy at 86.0%, down 210 bps annually. The 0.6% sequential rent gain was the strongest quarter-over-quarter increase since Q2 2024.
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MARKET OUTLOOK
San Antonio's multifamily fundamentals are positioned for a meaningful rebound. The active pipeline has fallen to the lowest level since 2011...
