San Antonio Multifamily Market Report

Northern suburbs deviate from metro trend. San Antonio exited March 2024 with the highest vacancy rate among major U.S. markets. The metro, however, has held one of the five most elevated rates in the country every year since 2016. This metric may stay elevated on a national scale long-term, but will likely fall back in line with local historical vacancy trends as construction slows in coming years. On a submarket level, Far North Central and New Braunfels-Schertz-Universal City held vacancy rates 130 basis points below the metro level at 7.5 percent in March. New Braunfels, in particular, has registered elevated population growth, which will likely continue as the suburb is between Austin and San Antonio.