San Antonio, TX

Market Update

San Antonio's population has shown a robust upward trend, reaching approximately 2.76 million in the fourth quarter of 2026, reflecting a year-over-year growth rate of about 2.18%. This growth is supported by a net migration of 39,616 individuals, contributing to a diverse demographic landscape. The median household income stands at $78,112, while the unemployment rate is recorded at 5.1%. Employment figures indicate a healthy labor market with 1.32 million jobs, and the renter share is approximately 36.9%, underscoring the demand for housing in the region.

In terms of multifamily fundamentals, the median gross rent remains stable at $1,422, with year-over-year rent growth recorded at 0%. The HUD Fair Market Rents for a two-bedroom unit are benchmarked at $1,771, which is notably higher than the median gross rent, suggesting a degree of affordability pressure in the market. The absence of rent growth may indicate a stabilization phase, as landlords adjust to economic conditions while maintaining occupancy levels.

Capital markets for multifamily properties in San Antonio are characterized by a cap rate of 6.49%, which is roughly 55 basis points tighter than the national median of 7.04%. Over the trailing 24 months, there have been 54 transactions with a total volume of approximately $173.9 million, resulting in a median price per unit of $209,475, which is about 5% higher than the national benchmark. This data suggests a competitive market environment, although the lack of rent growth may temper expectations for short-term appreciation. CBRE Research notes that the local market continues to attract interest, reflecting its potential for long-term stability.