Developers pull back on new apartment projects
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Multifamily housing permits have plunged in San Antonio, falling well below pandemic-era levels, according to Redfin.
Why it matters: A wave of newly built apartments helped curb rent hikes over the past few years. For many renters, that break is fading.
By the numbers: San Antonio developers got permits to build 15 multifamily units per 10,000 people in recent months — down 56% from the pandemic average of 34.1 units.
- Still, that's higher than the pre-pandemic average of 10.8 units.
Zoom out: Nationally, permits have also slowed, with developers averaging 12.4 units per 10,000 people, down 27% from the pandemic surge and down around 5% from pre-pandemic, per Redfin's analysis of Census Bureau data.
What they're saying: Builders nationwide are "pumping the brakes because elevated interest rates are making many projects prohibitively expensive," Redfin senior economist Sheharyar Bokhari wrote in the report.