San Antonio, TX Multifamily Market Report | Cushman & Wakefield | Q4 2025

Market Overview

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San Antonio's multifamily market ended 2025 in transition, with supply pulling back sharply and early stabilization signals beginning to emerge. Developers completed 6,709 units during the year, a 48.5% decline from the 13,021 delivered in 2024, including just 384 units in Q4, the lowest quarterly total of the year. Demand held reasonably steady at 4,970 units of net absorption for 2025. Stabilized vacancy reached 13.2%, up 180 basis points year-over-year, though the pace of increase has slowed alongside the drop in deliveries. Effective rent ended Q4 at $1,226 per unit, down 2.8% annually, though rent softening has decelerated compared to prior periods. On the investment side, transaction count rose 21% to 46 deals, even as total volume and average price per unit fell, reflecting a shift toward smaller value-add product rather than weakening buyer interest.

‍About Cushman & Wakefield

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Cushman & Wakefield is a global commercial real estate services firm with approximately 52,000 employees across 60 countries and $9.4 billion in revenue. Their San Antonio Q4 2025 multifamily MarketBeat tracks stabilized vacancy, effective rents, net absorption, and construction activity to help owners and investors evaluate market conditions. To read the full report, click here.