Apartment demand remained solid in San Antonio through Q3 2025, with tenants absorbing 1,709 units in the quarter and nearly 6,800 units over the past year, marking eight consecutive quarters of positive net absorption and reinforcing the metro’s consistent renter demand momentum.
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San Antonio’s construction boom is winding down. Developers delivered 2,516 units in Q3 2025, bringing the 12-month total to 8,655 units, about 2,000 above the 10-year average. However, with just 3,200 units now under construction, this marks the final wave of large-scale completions for the current cycle.
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Despite recent rent cuts, San Antonio rents remain 9% above 2020 levels, outpacing Austin, where rent growth has been limited to 3% over the same period.
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MARKET OUTLOOK
San Antonio is positioned for gradual tightening through 2026, provided that demand remains near current levels as new deliveries slow...
