San Antonio apartments are the emptiest they’ve been in a decade

Alamo City landlords have more empty rooms on their hands. 

The apartment occupancy rate in San Antonio hit 88.2 percent in August, the San Antonio Business Journal reported. That marks a 10-year low, and a decline from the 92 to 93 percent rate that was typical during the pandemic. The report is based on the latest figures from MRI ApartmentData.   

Rental activity is expected to slow in the fall and winter. The question is whether rents or occupancy rates will decline more than they typically do at this time of year. 

As San Antonio’s occupancy rates have dipped, rents fell by just under 1 percent. The trend wasn’t universal across the metro — rents grew by 10.7 percent in red-hot New Braunfels — but it is significant given San Antonio’s expected increases to apartment stock. 

The city’s pipeline is the busiest it has been in recent memory, making it likely that vacancy rates will rise further. Some 16,600 units are set to come online in the next few years, with another 15,100 proposed. 

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“We have seen a definite doubling, almost tripling of activity in the San Antonio area and other markets that we cover,” said Bruce McClenny​​​, an executive with MRI ApartmentData.

Occupancy was just barely higher in Austin at 88.3 percent. However, rents fell much more in the capital city, with a decline of 3.4 percent annually. Houston’s occupancy rate is slightly higher at 89.4 percent, while Dallas’ 91.1 percent rate is the highest in the Texas Triangle.