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San Antonio\u2019s multifamily market has a vacancy rate of 15.7%, the highest among the 50 largest multifamily markets in the U.S. according to\u00a0a recent report from commercial real estate data firm CoStar.<\/p>\n
Mel Evans\/AP<\/p>\n
San Antonio has the highest apartment vacancy rate among the nation\u2019s major markets, according to a recent report<\/a> from commercial real estate data firm CoStar.<\/p>\n The Alamo City took the top spot from Austin, which dipped down to No. 3 on the list ranking the 50 largest multifamily markets in the U.S. after holding the title for several quarters<\/a>.<\/p>\n Article continues below this ad<\/p>\n San Antonio\u2019s multifamily market has a vacancy rate of 15.7%, while Austin\u2019s is at 14%.<\/p>\n MORE APARTMENT NEWS:\u00a0San Antonio apartment construction plunges as occupancy slips, rents soften<\/a><\/p>\n Houston<\/a> and Dallas-Fort Worth trailed closely behind, at No. 4 and No. 6, with vacancy rates of 12.7% and 12.4%, respectively.<\/p>\n In the early 2020s, both San Antonio and Austin experienced an influx of new apartment developments that outpaced demand. But then construction tapered off<\/a>, helping stabilize rent prices and occupancy rates.<\/p>\n Article continues below this ad<\/p>\n With elevated construction and labor costs, skittish investors, higher interest rates and operating expenses, and inventory remaining high, developers and investors are having a hard time justifying committing to multifamily housing of all kinds, including income-restricted units.<\/p>\n In 2025, the San Antonio market added 6,877 new apartment units to the area, down 36% compared with 2024, according to data firm\u00a0Austin Investor Interests<\/a>, a data firm focused on the Austin and San Antonio multifamily housing markets. It\u2019s expected to drop again by as much as 40% to 50% in 2026.<\/p>\n Construction workers work on a San Antonio apartment building in 2024. Since then, the number of new apartments added to the San Antonio market has fallen and is expected to continue declining this year.<\/p>\n Josie Norris\/San Antonio Express-News file photo<\/p>\n In Austin, 19,596 new apartment units were added to the market in 2025, down 30% from 2024. They\u2019re expected to decline sharply in 2026.\u00a0<\/p>\n Article continues below this ad<\/p>\n While Austin\u2019s vacancy rate finally began to shrink early last year, San Antonio\u2019s continued rising despite the slowdown, surpassing both Austin and Memphis, which ranks No. 2 on the list.\u00a0<\/p>\n<\/p>\n
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