MARKET SNAPSHOT

San Antonio Q3 2026

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AVERAGE RENT

$1,144 Q3 2026

OCCUPANCY RATE

86.4% Q3 2026

NET ABSORPTION

5,781 T4Q

ANNUAL RENT CHANGE

-3.5% Q3 2026

YoY OCCUPANCY CHANGE

-80 BPS

UNIT COMPLETIONS

5,192 T4Q

KEY TAKEAWAYS
Annual absorption overtook new deliveries for the first time since early 2022, marking a turning point in San Antonio's supply cycle.
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The pipeline has shrunk to roughly a fifth of its 2023 peak, with construction starts near their lowest level in at least a decade.
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Occupancy has stabilized at 86.4%, while effective rents remain 3.5% below a year ago as concessions continue to weigh on pricing.
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MARKET OUTLOOK

San Antonio has moved past the worst of its oversupply. After several years in which new deliveries consistently outpaced renter demand, the balance has finally shifted, with annual absorption now ahead...

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