MARKET SNAPSHOT

San Antonio Q2 2026

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AVERAGE RENT

$1,157 Q2 2026

OCCUPANCY RATE

86.0% Q2 2026

NET ABSORPTION

3,497 T4Q

ANNUAL RENT CHANGE

-5.4% Q2 2026

ANNUAL OCCUPANCY CHANGE

-210 BPS

UNIT COMPLETIONS

6,284 T4Q

KEY TAKEAWAYS

Trailing 12-month absorption of 3,497 units continues to lag 6,284 units delivered, though Q2's 1,747 units absorbed—nearly triple Q1's 673 units—signals strengthening demand momentum as the supply cycle matures.

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The construction pipeline is contracting rapidly, with trailing 12-month starts declining to 2,901 units and just 3,768 units under construction (1.6% of inventory), positioning the market for meaningfully lower deliveries through 2027.

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Effective rents declined 5.4% year-over-year to $1,157 per unit while stabilized occupancy of 86.0% reflects a 210 basis point annual decline, though sequential occupancy held flat for the first time in over a year.

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MARKET OUTLOOK

San Antonio is in the late stages of a protracted supply cycle that has driven occupancy to the lowest level among tracked peer markets and pushed rents down 5.4% year over year...

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