San Antonio, TX Multifamily Market Report | Yardi Matrix | Q4 2025

Market Overview

San Antonio's job market and its multifamily fundamentals told two different stories heading into Q4 2025. Employment grew 1.9% through June, placing the metro among the top performers nationally, with 23,100 net jobs added and unemployment at 3.9%, below both state and national benchmarks. Meanwhile, the delivery cycle continued to weigh on the market: asking rents were down 0.6% year-over-year to $1,264, and occupancy in stabilized assets fell 50 basis points to 90.7% in July. Developers had 13,265 units underway through August even as starts slowed. On a trailing three-month basis, rents ticked up 0.1%, a tentative sign of stabilization driven by a recovery in the Renter-by-Necessity segment.

About Yardi Matrix

Yardi Matrix is a national commercial real estate data and analytics firm serving investors, developers, and property managers across asset classes. Their San Antonio October 2025 multifamily market report covers asking rents, occupancy, construction pipeline activity, and investment volume to help owners and investors assess market conditions. To read the full report, click here.