MARKET UPDATE UPDATES ON THE NEW CONSTRUCTION PIPELINE
by Jordan Brooks
Market Analyst | ALN Apartment Data , Inc .
Just over 4,000 new units were delivered through October of this year across the Greater San Antonio market . That level of new supply in the period is the most since 2018 which saw the delivery of more than 5,000 new units in the first ten months of the year . Additionally , more new units were under construction at the end of October than in April of this year , the time of our last pipeline update . All unit counts below will refer to conventional units for properties with more than 50 units .
RECENT DELIVERIES
As already mentioned , just more than 4,000 new units have been delivered through October of this year . In all , 11 of the 26 ALN submarkets for Greater San Antonio have seen some level of new supply this year . This represented a significant increase from April , when only four submarkets had added any new supply . The Far West submarket has led the way in new units with more than 850 deliveries . Other regions of note include Greater Shavano Park – Elm Creek and La Cantera – Dominion – The Rim which have each added more than 350 new units so far this year . The Alamo Heights – Terrell Hills and Southwest – Lackland areas have each delivered about 325 new units .
UNDER CONSTRUCTION
More than 6,500 units were currently under construction but not yet leasing at the close of the October . Of those , just more than 1,100 units were under construction in the South Central submarket . The Downtown – Riverwalk – King William and Alamo Heights – Terrell regions each accounted for more than 600 units , and the Stone Oak – Sonterra submarket had just less than 600 units under construction . All told , 16 of the 26 Greater San Antonio submarkets had at least one ongoing construction project at the end of the month - an indication that new supply will be more widespread in the nearterm than it has been so far this year .
PRE-CONSTRUCTION
Projects in this group are those that are somewhere in the development process but haven ’ t broken ground . Because it ’ s possible to postpone or cancel these projects based on market conditions , they aren ’ t as relevant in the short-term