San Antonio, TX Multifamily Market Report Q3 2026

Capital Pulls Back 38% as Rents Sit 8% Below the 2022 Peak

Demand

San Antonio absorbed 813 units in Q3 2026, against 611 in the same quarter last year. Vacancy is 7.0%, 15 bps tighter than Q3 2025. Far North San Antonio is the tightest submarket at 5.7% vacancy; Central San Antonio leads rent growth at +2.7%. Trailing-12-month absorption of 6,450 units is down from 11,661 a year earlier. Rent of $1,174 is down 1.4% year over year and 8.5% below the Q3 2022 peak of $1,283.

Supply

San Antonio recorded 1,092 units of completions in Q3 and 6,520 over the trailing twelve months (-27% versus the prior TTM period). Units under construction equal 0.9% of inventory, concentrated in South San Antonio at 3.9% of its stock. Annual completions peaked at 12,193 units in 2024. The 2,349-unit pipeline equals about one and a half quarters of absorption at the trailing pace.

Investment Market

San Antonio recorded $1.0B in sales over the trailing twelve months, -38% against the prior TTM period; Q3 accounted for $100M. The high-water mark in this series is $5.9B in 2021.

San Antonio cap rates average 6.22%, up for 19 straight quarters. Pricing sits at $122k per unit, lower for 4 consecutive years. The cap rate is 132 bps above the Q4 2021 low of 4.90%. Price per unit is 20% below the Q3 2022 peak of $152k.