In a recent Zillow report, it found national rent, on average, has gone up 2.2% since last year, while San Antonio saw average rent fall by 1.8%.
Some residents we spoke to said despite the news, they are paying too much, but experts say if you need to rent a place and you still haven’t signed a lease, you might be missing out.
“Right now, if you’re looking to move, it’s the time,” said Gilbert Costello, broker/owner of Texas Relocation Experts.
Gilbert Costello, owner of Texas Relocation Experts, helps people find apartments. He says lower rents are also causing apartment owners to offer better concessions to attract renters.
“Last year we were seeing maybe a month free, waived fees, a little bit, but now we’re seeing six to 10 weeks,” said Costello.
“San Antonio is really doing everything right,” said Orphe Divounguy, an economist with Zillow.
Divounguy says the reason for the lower rent is simple: supply and demand. During the pandemic, a building boom took place as developers believed they could build more apartments in more places because of the rise of remote work.
“The more apartments and homes come on the market, the higher the vacancy rate. The more downward pressure you get on prices and rents,” said Divounguy.
There are a few reasons the rest of the country did not keep pace with the building happening in Texas and San Antonio.
“San Antonio has looser building restrictions and land use restrictions. It also has more land available to build on,” said Divounguy.
Costello says he’s also seeing a lot of people moving to San Antonio from out of state because of its affordability.
“Still the most affordable big city in Texas,” said Costello.
Divounguy says developers are now slowing down construction, and prices could start going back up by the end of 2028.