Thanks to growing interest from Americans and the nation’s largest ever demographic of millennials, industry changes are taking place throughout San Antonio, Texas.
Key to the build out of the area, the city’s housing market has undergone considerable new development- especially during the recent summer months of 2018. Focusing on introducing more urban city living options, new apartment communities have been popping up across the metro. Tailored to both singles and family renters, an infrastructure that attracts residents to both city and key suburban areas are being established and proposed each month. Local property developers are introducing these new projects and expanding on those existing ones to establish more footing in this growing market opportunity.
Just in the last 12 months, 25 new apartment communities have been completed, introducing over 5,000 new units for the area’s growing pool of renters. These new additions to the renter market are not going without demand despite a spike in supply. Monthly report findings from Apartmentdata.com highlights an increase in the average rent per unit and occupancy rates that are continuing to be maintained, throughout recent summer months.
With a steady flow of interested renters, the market expansion is predicted to continue on its rise that has been fueled by San Antonio’s remarkable growth from 2017 that put the city at the 1.5 million mark – the second largest in the state of Texas. With property developers looking to invest even more in the area in 2019 the market will become more concentrated and competitive.
“The growing populations and industries of San Antonio are continuing to interest investors, entrepreneurs and developers. Along with the ample resources and land available in the area, communities are quickly popping up throughout urban and suburban areas to take advantage of the thriving business environment unmatched by other top cities that have already hit capacity and growth limitations,” shares Texas-based property developer Marcus Hiles, an industry veteran who has introduced over 30,000 rental units across the state throughout the past three decades.
The area is set to have 25 more apartment complexes opening in the next coming months that when totaled with the 31 new projects proposed for the area, will bring a considerable 15,000 new units to the San Antoniorental market.
Much like other thriving areas in Texas, the city must work to maximize efficiency and capacity of these new additions to sustain growth in the years to come. As the San Antonio community takes on these steps to becoming a larger player in the national economy, there will continue to be business opportunities stimulating bigger investments and broader demand all around.