San Antonio, TX Multifamily Market Report | MMG Real Estate Advisors | Q1 2026

Market Overview

San Antonio's multifamily fundamentals appeared positioned for a meaningful rebound in Q1 2026, with the active construction pipeline falling to its lowest level since 2011, contracting 40% over four quarters to 4,431 units (1.9% of inventory), and trailing 12-month completions down 50% from the prior period. Average effective rents declined 3.7% year-over-year to $1,211, with stabilized occupancy at 86.0%, down 210 basis points annually, though a 0.6% sequential rent gain marked the strongest quarter-over-quarter increase since Q2 2024. Trailing 12-month absorption of 3,398 units continued to lag the 6,220 units delivered, keeping lease-up competition elevated across the metro even as supply-side pressure eases meaningfully ahead. NOTE: The full report requires submitting contact information through a download form; the description above reflects publicly visible market snapshot data only.

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About MMG Real Estate Advisors

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MMG Real Estate Advisors is a multifamily investment sales and research firm tracking apartment market fundamentals across the Southeast, Midwest, and beyond. Their Q1 2026 San Antonio multifamily market snapshot tracks rent, occupancy, absorption, and supply trends to help owners and investors assess market timing. To read the full report, click here.