AgentRentals

San Antonio named a top market for multifamily investment by HomeVestors

Job growth pushes down vacancy rates, drives up rents
  • 5,700 multifamily units will be delivered in San Antonio this year.
  • The city will add nearly the same amount of jobs this year as in 2015.
  • More than half of existing homes sold in the metro trade for less than $200,000.

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Continued job growth in San Antonio made the city the second best market for real estate investing during the first quarter of this year. According to HomeVestors and Local Market Monitor, the market was a prime one for multifamily investors as rents continued to grow and the demand for units drove down vacancy rates. Investor-attracting market conditions are expected to persistent in the city's multifamily sector throughout 2016. Marcus & Millichap forecasts the addition of 25,000 workers this year, which will push the metro's employment base beyond one million for the first time. The metro's unemployment rate is expected to hover above and below 4 percent throughout the year. Average effective rents are expected to rise 4.2 percent in the metro reaching $933 per month. Heightened demand for rentals will push San Antonio's overall vacancy rate down by 30 basis points to 5.8 percent. HomeVestors cautioned that while San Antonio ranked as a top market for investors ...