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Multifamily Market Shows Signs Of Weakening

SAN ANTONIO-Slower growth and jobs cuts could bring vacancies and slow rent increases, according to a third-quarter report by Hendricks & Partners. For now, though, per unit prices have been increasing.

By Tim Green | Updated on December 13, 2001

SAN ANTONIO-Demand for multifamily housing is weakening from the strong demand of 2000 in San Antonio as the rate of job growth slows and companies cut workers lose, according to a third-quarter report by multifamily advisory firm Hendricks & Partners. The occupancy rate was 4.7% in the third quarter, down from 5.5% in 2000.

The Hendricks report warns that vacancies are expected to increase because of weaker economic conditions and a large number of new units in the construction pipeline.

Moreover, rent growth has been sluggish. Year-over-year, rents rose 3.1% to an average of $587, but rents were unchanged from 2001′s second quarter to the third quarter. The biggest rent jump was 5.1% in Central San Antonio.

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