Some San Antonio neighborhoods see rent jumps
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Some San Antonio neighborhoods saw higher rent price growth last year than others, according to data presented to the San Antonio Apartment Association this week.
- Cindi Reed, director of sales at apartmentdata.com from MRI Software, shared the information with Axios.
Why it matters: Even as the pace of rent hikes overall slowed compared with 2021, some pockets of the city experienced growing pains as builders tried to match supply with demand.
By the numbers: The area near Nacogdoches and Perrin Beitel roads on the northeast side saw the highest rent growth at 9.3%. It was followed by:
- Port San Antonio: 9%
- Windcrest and Universal City: 8.9%
- Alamo Heights near The Quarry: 8.6%
- Balcones Heights to near St. Mary's University: 8.3%
- Castle Hills: 7.2%
The intrigue: Rents near downtown, Southtown and Brackenridge Park remained relatively flat.
- People are moving downtown, but there are enough apartments there to satisfy the demand for now, Reed said.
- As downtown apartments fill up, Reed predicts rent in that area will rise.
Details: In December 2022, the average San Antonio rent was $1,200. That's down from September 2022, but it's still higher than rent was a year earlier.
The big picture: San Antonio rent growth in 2022 stood at 6% overall — still above pre-pandemic levels, but well below the extreme 15.5% rent growth the city saw in 2021, per the data Reed shared with the San Antonio Apartment Association.
What's next: Reed expects the cooldown to continue throughout 2023.
What they're saying: "The major rent growth and the extremes that they saw in 2021 (are) all coming back down to a long-term trend," Reed tells Axios. "Things are calming down."