San Antonio Multifamily Market Report

Economic growth holds steady amid shifting affordability trends. San Antonio continues to post steady increases in both population and employment. In 2024, household formation and population each rose about 2.0 percent in the metro. The job market remains relatively strong, supported by growing life sciences and cybersecurity sectors, along with hiring in government and hospitality. Even so, elevated vacancy rates in Class C properties — around 10 percent over the past 18 months — may indicate that affordability is weakening at the lower end of the market. Household income growth in San Antonio trails the national average, and broader inflation-driven cost-of-living increases continue to pressure lower-income renters.