San Antonio, TX Multifamily Market Report | Cushman & Wakefield | Q1 2026

Market Overview

‍San Antonio's multifamily market entered Q1 2026 with improving alignment between new supply and underlying demand. Total inventory reached 223,881 units following 2,083 deliveries during the quarter, while units under construction fell to 4,649, a 32% decline year-over-year, reducing competitive pressure on stabilized assets. Net absorption totaled 641 units, with the strongest leasing activity concentrated in Far West San Antonio (343 units), Comal County (313 units), and Southeast San Antonio (200 units), where population growth and relative affordability continued to support renter demand. Stabilized vacancy registered 14.1%, up 220 basis points year-over-year and 60 basis points quarter-over-quarter, though the rate of increase began to slow, suggesting conditions are moving closer to equilibrium. The tightest vacancy levels were observed in Kendall County (9.5%), Guadalupe County (11.8%), and Northwest San Antonio (12.9%). Effective rents declined 3.6% year-over-year to $1,214 per unit ($1.38 per square foot), with premium submarkets like Midtown ($1,973) and Downtown ($1,536) maintaining higher pricing while more affordable areas held steadier occupancy. On the investment side, transaction activity increased sharply to 10 deals totaling 1,692 units, compared to just one transaction and 70 units in Q1 2025, driven by private and regional capital targeting assets with attractive basis and yield profiles.

‍About Cushman & Wakefield

‍Cushman & Wakefield is a leading global commercial real estate services firm with approximately 53,000 employees across more than 350 offices in nearly 60 countries, reporting $10.3 billion in revenue in 2025. Their quarterly San Antonio Multifamily MarketBeat report tracks vacancy, absorption, effective rents, deliveries, and construction activity across 13 submarkets to help owners, developers, and investors assess market conditions and opportunities. To read the full report, click here.