In terms of upcoming supply , some familiar areas populate the top of the list . Greater New Braunfels and the Downtown – Riverwalk submarket each ended November with more than 1,400 units under construction . The South-Central region of San Antonio topped the list with more than 1,800 units under construction .
About the same number of submarkets have current construction projects that have had new deliveries over the last year . However , four submarkets account for more than 60 % of units under construction . In addition to the three leading areas already mentioned , the Far West submarket has 1,300 units currently being built . This area covers a region north of Highway 90 and west of Interstate 410 .
Takeaways
2024 has been a rough year for Greater San Antonio multifamily . A robust recovery of apartment demand has been overshadowed by a deluge of new supply . These new units have exerted significant downward pressure on average occupancy and effective rent growth has been hard to come by .
The upcoming pipeline of new units remains large relative to the range established over the last decade . New supply will not be fading as a major component of industry performance any time soon . However , 2024 should end up as the peak for deliveries in this cycle and the expected reduction in new units next year will undoubtedly be helpful .
* Jordan Brooks is a Senior Market Analyst at ALN Apartment Data .
Greater New Braunfels and the Downtown – Riverwalk submarket each ended November with more than 1,400 units under construction .
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