In San Antonio, the apartment industry\u2019s loss is a renter\u2019s gain.<\/p>\n
Research conducted by Danny Khalil, associate director of market analytics at real estate data firm CoStar, puts San Antonio in the No. 1 spot for apartment vacancies among the 50 biggest apartment markets in the U.S. <\/p>\n
For renters, that\u2019s a good thing. A high vacancy typically prompts more landlords to offer financial incentives such as free rent for a certain period, lower security deposits, or waived fees.<\/p>\n
CoStar data shows the San Antonio apartment market had a 15.7 percent vacancy rate in the first three months of 2026. Behind San Antonio were Memphis, Tennessee (15.6%); Austin (14 percent); Houston (12.7 percent); and Dallas-Fort Worth, Charlotte, North Carolina, and Phoenix (tied at 12.4 percent).<\/p>\n
The market with the lowest vacancy rate? New York City (3.1 percent).<\/p>\n
\u201cWhile nearby Austin held the title for several quarters thanks to a wave of development in the early 2020s, San Antonio experienced a similar dynamic during that period,\u201d Khalil explains. \u201cAfter rising for three and a half years, Austin\u2019s vacancy rate finally began to decline in early 2025. Meanwhile, vacancies in San Antonio kept rising, eventually surpassing Memphis and all other major multifamily markets in the United States this year.\u201d<\/p>\n
According to RealPage Market Analytics, which tracks rental data, San Antonio ranked third<\/a> among major U.S. markets for the most apartment landlords offering financial incentives (formally known as concessions) in January. That month, 31.6 percent of apartment landlords offered concessions in the San Antonio area, and rent discounts averaged 11.6 percent.<\/p>\n Austin held the No. 1 spot on the RealPage concession list (at 33.5 percent), with Houston in eighth place (23.5 percent), and Dallas in ninth place (23.4 percent). Fort Worth dropped out of the top 10.<\/p>\n